STARTING IN WORK
THINGS TO THINK ABOUT
When you start out in the workplace it should be an exciting and fun time. You’ve done it, got yourself a job, amazing! But with this comes the responsibility of managing your newfound income stream in a way that works well for you now but also lets you build something for the future. Here are some of the things you need to think about….
BUDGET
Income levels often drop significantly when you do need to sit down and do the basics of how much money is coming in versus how much money is going out. it is important to have a clear understanding of how much money you do actually have each month.
EMERGENCY FUND
One of the key things you can do to set yourself up is to save up an ‘emergency fund’ cash pot. ideally this should be at least 3 months worth of your outgoings. this is the secure foundation of your financial plan.
PENSIONS
These are important, it might not seem it now but you can have a big impact on your financial future. plus it’s extra money from your employer even if you cannot spend it just yet.
SAVINGS/INVESTMENTS
Once you have figured out your budget, set aside an emergency fund, and taken control of your pension, the next step is to plan for some longer term saving and investments to start building your future financial freedom.
