First Job Tips

Congratulations! You’ve passed the interview and have found your very first job.

Now what?

One of the first things your new job will have you do is complete a W-4.  This instructs your employer to withhold the right amount of income tax from your paycheck and will affect your tax refund/bill in April. You should do your research to find the right filing status for you so that you don’t pay too much or too little in taxes.

Whether it’s a summer job or your first full time job you will want to budget and make sure that you are saving enough of your paycheck to help you reach your goals. Do you want to have to work when you head back to school in the fall? Are you looking to buy your own car? What about rent for an apartment and the pieces that go along like water and electric bills? Establishing your budget will help you determine how much of your paycheck you should save and how much you can spend.

A way to help make saving money a “brainless” task is to sign up for direct deposit. This means your paycheck would automatically be deposited in your account.  You can then sign up for payroll deductions or automatic transfer and have your money automatically allocated your accounts, sub-accounts and so on in a way that suits you and your budget best.

Here at Members 1st FCU we are proud to grow alongside our members and help them through the stages of life.  Keep an eye out as we celebrate National Credit Union Youth Month in April to learn about even more ways to save and start good financial habits.

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