Starting your first job is exciting—and overwhelming. Here's exactly what to do with your money in the first 90 days.
Week 1: The Paperwork
HR Forms That Matter
| Form | What to Know |
|---|---|
| W-4 | Determines how much tax is withheld. Single with no dependents? Standard settings are usually fine. |
| Direct deposit | Set up immediately to get paid faster |
| Benefits enrollment | Usually have 30 days to decide |
Watch Out
Don't skip benefits enrollment! Missing the window means waiting until next year (unless you have a qualifying life event).
Month 1: The Essentials
1. Open a
Separate from your checking. This is for your .
2. Set Up Your Budget
Use your actual from your first paycheck, not your salary.
3. Understand Your Benefits
- : Pick a plan
- 401k: At least contribute enough to get the
- Other perks: Don't leave free money on the table
Do This
The employer match is free money. If they match 50% up to 6%, and you make $50k, that's $1,500/year in free money. Take it.
Month 2-3: Build the Foundation
Start Your Emergency Fund
Goal: $1,000 first, then 3-6 months of expenses.
Even $50/paycheck adds up:
- After 3 months: $300
- After 6 months: $600
- After 1 year: $1,300
Avoid Lifestyle
Watch Out
Your first big paycheck is tempting. Resist the urge to upgrade everything immediately. New car, new apartment, new wardrobe = paycheck-to-paycheck life.
The move: Live like you're still broke for 6 months. Bank the difference.
The First-Job Money Priority Stack
- Contribute to 401k up to employer match
- Build a $1,000 starter emergency fund
- Pay minimums on any debt
- Increase emergency fund to 3 months
- Pay off high-interest debt
- Increase retirement contributions
Common First-Job Mistakes
Avoid This
- Ignoring the 401k because "retirement is far away"
- Not signing up for health insurance
- Spending your first paycheck before you have a budget
- Not reading your pay stub
- Forgetting about quarterly expenses (insurance, subscriptions)
Quick Win
Today: Check if your new job offers a 401k match. If yes, enroll and contribute at least enough to get the full match.