Payday

You’ve come a long way to get that first paycheck. Now what? It probably wouldn’t hurt to take a small portion of it and splurge a bit. Reward yourself, you deserve it. Just don’t go crazy!

Direct Deposit

But what about the rest of the check? Most companies today offer direct deposit, which you should definitely use. With direct deposit, your paycheck gets deposited directly into the account(s) you choose. Your company’s human resource department can guide you through the necessary paperwork to make it happen. If you’re new to the world of direct deposit, here are some reasons why you should consider it:

• Your check can’t be lost or stolen in the mail.
• Your money gets deposited the day the check is issued. So, no matter how crazy your schedule is, the money will be there without your having to do a thing.
• No waiting. Once the funds have been put into your account, they’re ready to use. Some financial institutions may put a hold on your check deposit. This way the money is there when you need it.

While there is a definite upside to using direct deposit, if you’re in a situation where you share an account or are looking to protect your pay from being garnished – it might not be right for you.

The Savings Habit

Sure, it’s tempting to blow your whole check on fun stuff, and we don’t want to be like your parents nagging you to save – but your parents might have a point! With savings, a little bit can go a long way. By saving just $10 a paycheck, you could have a nice little nest egg in no time.

Don’t believe us? Use our savings calculator and plug in some numbers to see how much you could save over the years, even up to retirement, if you put just a little bit away each paycheck. The great secret is if you start saving from the beginning and get used to putting that $5 or $10 away every time, you won’t even miss it!

Get a Budget

We know that budgeting doesn’t sound like fun, but now that you’re working and starting out in the “real world,” it’s time to figure out your monthly income vs. expenses and see what you have left over to save. Credit Unions Rock has a great Budget section that can help walk you through everything you need to know to create a realistic and useful budget.