Your first career job is often an exciting time. You’ve graduated from school and now you should take some time to develop good personal finance habits because it’s likely a period when you’re earning more money than you ever have before.
Here are some ideas that you may wish to discuss with one of our financial services advisors.
Income vs. expenses
- Create a monthly budget and set aside money for spending, saving and for paying off debt
- Make sure you get advice from a professional to get the best strategy for planning your savings on a short and longer term
- Consider making automatic deposits into a savings account every time you get paid
- Consider opening an RRSP and make regular contributions to reduce your income taxes
- It’s now time to reduce any debts that you’ve accumulated. It took you time to acquire this debt, so it may take time to pay it off. Balancing savings and debt repayment will depend on your particular situation.
- You are young so it’s time to protect your insurability by considering the purchase of life insurance
- Determine what protection and plans are offered by your employer and evaluate your needs
- Make sure you don’t underestimate the living benefits plans such as disability and critical illness insurance that will provide an income if you can’t go to work due too serious illness or accident
Managing your personal finances can offer you new freedom and a greater sense of independence. Feel free to speak with one of our financial services professionals to guide you along your way.
Links on this page direct you to further information on our national web site at www.dfsin.ca.