NDSU Extension Service - Ramsey County


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Starting a New Job

Starting a New Job


Beginning a new job is a time of great excitement and anticipation.  This may be a career change or promotion you have been working towards or a new opportunity that appeared unexpectantly.  A new job can be a great opportunity to fine tune your financial management skills. Add some of the following to your new job description for better financial security in the future.

-Take advantages of direct deposits.  Direct deposit of paychecks is a given today but also remember to activate direct deposits for savings and retirement accounts.

-Set up an emergency fund.  To make sure you have the money to cover any unexpected costs, you’ll need to set aside an emergency fund that amounts to at least 3 to 6 months’ worth of living expenses. You don’t need to build it up all at once – make it easy on yourself by putting away a small amount each month into a high yield savings or money market account until you have enough saved.

- Focus on reducing your debt.  Student loans, car loans – they all add up quickly. With a steady income, start tackling any debt you have immediately. Remember to always pay bills on time and to make a habit of paying of credit card balances in full.

- Establish a 401K or IRA.  Starting early for retirement gives you the power of compound interest and will ensure that you also get a healthy retirement. Some retirement financial management advice to consider:

  • if your 401K has an employer match, contribute the maximum pre-tax amount
  • And invest enough to your 401K to get the full match.
  • if you don’t have an employer-sponsored retirement plan, or if you’ve got the extra money after maxing out your 401K, set up a traditional or Roth IRA. Find out which type of IRA you’re eligible for here.

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