You’re finally an adult – welcome to the world of the 2020s, it’s a great time to be alive! That doesn’t mean it all makes sense, and there are lots of options open to you that your parents and grandparents never had. At this rare point in life, you become an adult with little to no debt, dependants, and a significant amount of freedom to make your own decisions. It’s no surprise that many older individuals wished that they had taken steps at your age to start planning for the future. Here we have five of those things that you can start now to help get ahead in life.
Learn to Read Your Pay Stub
Yes there are numbers on your paystub other than what goes into the bank, and they matter! It’s important to understand what your deductions are and why that percentage comes out so you can have an idea of what is going to come up tax time. Many other companies include things like a “social club” fee as well, which is something you need to make sure you agreed to when being hired. You should also understand how your vacation time works: if it’s paid out each month, or if if the company holds onto it.
Sign up for Freebies at Work
Find out what extras your company has included with your employment. For example, many employees are surprised to learn that they their business has a “Preferred Pricing” agreement with a variety of auto dealers, which lets you purchase vehicles for just above cost. There may be local discounts at restaurants, bars, or gyms, and of course make sure to know how your staff discount/incentive works.
The big one is understanding the benefits package your company has, and what requirements are needed to access it. Don’t ever be afraid to ask questions, as it may be a learning opportunity for a manager as well!
Get Your Rain Jacket On
Like putting 10% of your money away, building a rainy day fund is one of those things you always put off until something happens. And it when “something” does happen it’s significantly easier on the body to handle it yourself vs running to the folks.
Fortunately at this age you shouldn’t need much, but the experience learning how to build your fund will be worth it as you move on to later stages in life.
Have Fun but Don’t Be Stupid
While that fund is important, you are in one of those rare points in life where expenses are low, assets are low, and there are no dependants to be found! There is always the risk of oversaving and experiencing regret, so make sure to take this oppertunity to enjoy your new freedom.
The best way to accomplish this is to build your first budget, making sure that the expenses that you do have are covered, so you know how much you can spend at the pub with your friends
Hope is Not A Strategy
Wants, dreams, hopes, goals are all a huge part of the journey into adulthood. No matter what your plan, or lack thereof, you most likely have a want or a desire.
Live it, build it, and plan it.
Because as the years go by, you will realize that what you want requires work, commitment, and effort. Now is the best time to write down what you want, and figure out what it’s going to cost to get there, both in time and money. If this is a habit you can create now, your entire life will fall into place significantly easier.
Looking for assistance in navigating these options? email our team at mailto: and we will show you how you can get started.