Planting seeds: Your First Job And First Steps
1. Figure Out Your Taxes.
2. Make A Financial Plan.
3. Start Your Savings.
4. Build Your Financial Stability.
5. Protect Your Income.
Basic Financial ReviewGet overview of your financial position
- Clear Picture Of Your Situation
- Handy Visual Guide
- Goal Setting Advice
- Your Questions Answered
1. Taxes: How Much Do You Know?
They’re a constant in life, but sometimes figuring them out can take a while. If you’ve recently started a new job, or even your first proper position, make sure you’re registered with Revenue, and that no older jobs are still on your record. A little error can create a big hassle. See our post for more info on Tax Reliefs.
2. Make a Financial Plan
Plans don’t have to be intimidating, or even hugely aspirational. You might be planning to buy your first house in 5 years, or saving for something educational, or even just saving for the security it brings. Deciding on a personal, achievable goal not only makes it easier to attain, it gives you a time-frame, and a way to assess how you’re doing.
3. Start Your Savings
The first step of saving is spending. If you spend smart, you’ll save smart. Plans that involve cutting out all spending are difficult to follow, which defeats the purpose. Instead, track your spending over time, and see what you could stand to miss out, or swap for a cheaper option. When that becomes easy, see if you can beat that goal.
4. Build Your Financial Stability
Sometimes building your savings can have unintended benefits. A good, essential use for savings is as an emergency fund, and a great goal amount is 3 months’ wages. Those savings could pay for you to up-skill in your career, or even give you the peace of mind to leave a bad job. Savings can spell freedom.
5. Protect Your Income
If buying a house is still in the far future for you, you may not think that you have any assets. Wrong. Your continued health, and ability to earn a living is your biggest asset right now. You can insure up to 75% of your current wages with an Income Protection policy. If you became ill & couldn’t work, this policy could provide you will the ability to pay your rent, and even continue saving.