Financial Prep for Your New Job

We’ve seen a number of members undergo a career change in the last couple of years, and for those who are embarking on a new job journey, we’re here to help you get over the initial financial speed bumps that come with any kind of big life change. Starting a new job can be both exciting and intimidating, and we’re hoping it’s on the more exciting side for everyone. Here are a few tips to make your financial transition to your new job as smooth as possible.

Get direct deposit set up with your new employer.

If your workplace offers direct deposit, we highly encourage you to take advantage of this benefit. While our mobile app makes it easy for members to safely deposit checks directly into their account, direct deposit ensures your funds are being issued right away. You can also set it up so a portion of your paycheck is directly deposited into your savings account, taking it out of your hands and ensuring you’re continuing to build your savings on a regular basis.

Make changes to your budget, if necessary.

Ideally, taking on a new job also means you’re bringing in more income, but that isn’t what we’re referencing here. Starting a new job can come with expenses that might require you to make budget adjustments. You might be building up a new work wardrobe due to a different dress code, or traveling farther than usual, requiring adjustments to your fuel/transportation budget. Make sure you plan ahead for these changes.

Planning for retirement – don’t wait to get started.

Your retirement years will be here before you know it, and in an era of recession and inflation, it’s important to start planning early. If your workplace offers a 401K program, perhaps one where they match your contributions, take full advantage – it will come in handy in your future. As we stated above, direct deposit generally lets users deposit a portion of their paycheck into a separate account, so you might consider opening an individual retirement account (IRA) at Polam. Our IRAs feature flexible terms and competitive interest rates that let you build up your retirement nest egg in no time!