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Great! You’ve accepted the offer. Here’s
how to keep your new salary and finances in order.
[ ] Sign up for direct deposit. So
you don’t have to race to the bank on payday.
[ ] Read your benefits booklet. About
one third of your total compensation is derived from
your employee benefits, according to the Bureau of Labor
Statistics.
[ ] Track your expenses for a few months. You
might be surprised how a new job and/or bigger paycheck
affects your spending. Get a handle on your new budget.
[ ] Decide what to do with your old 401(k). You
can leave it with your old employer (be aware your former
employer will retain some control over your account,
such as which investment options you have available to
you) or you can roll it to a new personal IRA. Check
with your financial advisor or accountant about what
is best for you. Whatever you do, avoid cashing it out.
[ ] Consider your new insurance options
through your new employer. Don’t refuse
health insurance coverage for a bigger take home paycheck.
Consider adding to your life insurance and disability
coverage with your employer’s options.
[ ] Review your financial goals. Where
do you want to be in five years? Ten years? Then make
sure your new job has you working towards them.
Related Links
www.bankrate.com
Helpful information about your 401k investments, pensions,
employee benefits, and more.
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