If you’ve recently graduated from college and found an ‘adult’ job, it is likely that your financial situation has just changed drastically. You are most likely making more money than you ever have before, which means you are encountering things like taxes and financial situations that are also new. Here are some simple tips to help keep you above the board when it comes to your personal finances.
- Make sure you are saving some money to use as an emergency fund, in case you lose your job or another unexpected expense crops up. This cushion can help save you from ruining your credit score or having to call mom and dad for help bailing you out. As a general rule, try to have enough money to carry you through three to six months in your savings account.
- Make sure you are making more money than you are spending. This seems like an obvious tip, but it is also one many people forget to follow. If you are making more than you are spending, you will be able to consistently build up your savings.
- Make sure you understand your employee benefits so that you can take advantage of them. For instance, do you have a health insurance policy, a 401K, life insurance and other benefits? How can you redeem them?
- If you need tax help, look for a tax attorney or another tax resolution specialist to teach you how to keep correct records, file your taxes correctly and avoid IRS penalties in the future.