So you just started a new job? CONGRATS, grab some bubbly! While lots of exciting things wait ahead, it is important you take a minute to remember how this career move impacts you financially. Add these 3 things to your new job to-do list - *cough* even for those in the back who are already several years in:
1. Don’t Forget About Your 401(k)
No Money Left Behind!
An old 401(k) is something most people forget about when they move jobs - it’s just not usually top of the priority list. PLUS rolling them over can be a huge pain and extremely time consuming. Unfortunately, this leads to a forgotten 401(k) that oftentimes accrues higher than necessary fees. Consider using Capitalize to rollover your retirement account so you can keep track of your assets and asset allocation. Not only is it a FREE service, but they white- glove the entire experience for you from you start to finish. Capitalize coordinates with your old 401(k) provider to process the transfer (including all the daunting paperwork). They're system is so perfected, that they won TIME's Best Invention in 2021.
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2. Update Your Budget/Savings Allocations
Times Are Changing
Chances are, your new job doesn’t look the same from an income standpoint as your previous role. Pull out your (hopefully not) dusty budget and make adjustments like:
monthly take home income
target monthly savings
where savings are allocated
assign new goals
can you get more aggressive in paying off debts?
Attempt to avoid lifestyle creep with an increased salary, BUT understand special rewards are very deserved too.
3. Make Sure You’re Utilizing All Benefits
Use What You Have
Lastly, spend time reviewing the ins and outs of the benefits you’ve been offered. There is nothing worse than leaving money and resources on the table. Max out that 401(k) match, utilize an HSA contribution, take advantage of free therapy - why not? It’s also a good time to update your beneficiaries if something has changed.
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