Congratulations! You’ve landed your first job. There’s nothing like holding that first paycheck in your hands – and your personal finances rest in your hands as well.
As you transition from college life and living with your parents to being on your own, you need to figure out your goals and how you’re going to get there.
What a great feeling to be on your own. You’ve earned your independence and now face the test of handling your personal finances. In addition to your monthly rent, be prepared to take on new expenses including:
- Car insurance.
- Health insurance.
- Utilities.
- Landline or cell phone.
- Cable TV and internet access.
- Budget for weekly food and personal expenses.
Resist the urge to kick back and have fun and look at the amount of college loans and credit card debt you’ve accumulated. It may not seem like a big deal now but down the road the amount of debt can affect your choices in life.
Be sure to take advantage of any retirement plan or 401k plan your new employer may offer, even if it’s saving the minimum amount to take advantage of any matching contributions.
Now that you’ve attained your freedom you need to protect it and that’s where Northwestern Mutual can help. That paycheck you earned can easily go away if you’re in an accident or become ill and although you may feel you’re too young to think about it, retirement planning is something you need to consider.
A solid financial plan is based on a strong foundation of protection and savings. With access to life insurance, disability insurance, IRAs, and investment products, Northwestern Mutual can create a plan to help ensure you’ll achieve financial security and maintain the lifestyle you worked so hard to achieve.