THERE’S truly no excitement quite like that of finally starting your career. But the thrill of earning your own money isn’t the only thing you should be paying attention to. The beginning of your professional life is also the perfect time to learn about managing your finances. One of the first steps? Setting up the right banking tools to ensure that your hard-earned cash is secure, accessible, and primed to earn even more in value.
Whether you’re saving your first salary for something special, covering new everyday expenses, or just trying your best to build your funds for the future, here are the key banking needs to consider as a new professional:
1) Open a Bank Account Immediately
When you start working, a personal bank account is a must-have. A checking account is where your paycheck lands (via direct deposit), and it’s the account you’ll likely use for daily expenses like groceries or that much-deserved coffee. A savings account, on the other hand, is meant to help you set aside money for future goals–think travel, an emergency fund, or even a big-ticket item.
You don’t necessarily have to open a checking account right away, however. You can set up a direct deposit to your savings account to receive your pay from your employer. To grow your savings, you can also open a separate account and transfer to that.
Once your account is active, your bank will issue a debit card linked to the account. This card is essential for ATM withdrawals, online shopping, and in-person payments. A debit card is typically safer and more convenient than cash, and most establishments are on board with cashless payments.
Look for accounts with minimal fees and low opening deposit requirements. Fees can quickly eat into your paycheck when you’re just starting out, and at this juncture in your professional life, it’s important to look for budget-friendly banking options.
Some banks waive monthly fees with a minimum maintaining balance or if you set up direct deposit. Others offer fee-free ATM access, so you’re not spending extra every time you withdraw cash. If you sign up for a Maya Savings account and fulfill a few easy spending requirements, you can take advantage of your own free Maya MasterCard, plus some other neat sign-up promos.
2) You Should Use Mobile and Online Banking
Gone are the days of waiting in line at a bank branch for everyday banking functions. Thanks to mobile and online banking, managing your finances has never been more convenient—even at such an early stage in your career. Wherever you are, you can do the following tasks on your mobile device or computer:
- Check your account balance anytime, anywhere, giving you instant access to your financial status.
- Track your spending and transactions in real time, which also allows you to identify patterns in your spending habits.
- Transfer funds between accounts quickly, whether you’re moving money to your savings account or splitting bills with friends.
- Set up bill payments or money transfers to ensure you never miss a payment or deadline, saving time and avoiding hefty late fees.
Digital banks like Maya come with user-friendly apps designed to simplify these tasks and provide unmatched flexibility and control, making it easier than ever to stay organized and proactive with your finances from the very start of your career journey.
3) Consider Signing Up for a Starter Credit Card
While it’s not absolutely necessary when starting your career, keeping a starter credit card might be a good idea. It’s an excellent way to build your credit history—something you’ll need down the road for big financial milestones like renting an apartment or buying a car.
If you decide to get one, look for options with low credit limits and no annual fees, or consider secured credit cards that require a deposit. The Landers Cashback Everywhere Credit Card by Maya is worth considering as one of your first credit cards or a card to aspire for down the line.
Pro tip: Only spend what you can pay off in full every month. Responsible credit card use is the only way to build good credit without falling into debt.
4) Make It Like Second Nature to Transfer to Your Savings Account
A number of banks will give you the option to set up auto transfers from one account to another. You can use these to schedule a weekly or monthly transfer of a fixed amount right after payday. This will allow you to save without even thinking about it.
Even if auto transfers aren’t currently available, you should make it a habit to regularly transfer money from your payroll account to your savings account. If they help you, set up weekly or monthly reminders on your phone to do so.
5) Learn to Track and Budget
Good money habits start with knowing where your money goes. Lots of banks and financial apps offer budgeting tools that will make it easier for you to monitor your spending, categorize your expenses, and contribute to your financial goals. Seeing your spending habits laid out can be eye-opening and keep you on track early in your career and in your saving journey.
The key is consistency, whether you prefer a formal app or just jotting things down in a notebook. Just remember that budgeting doesn’t mean you can’t treat yourself; you just have to make sure you have enough for the things that matter.
A Good Start to Your Finances Early in Your Career
Though it will take time for you to practice financial discipline like it’s muscle memory, awareness of your basic banking needs will go a long way when it comes to achieving your financial goals. You can set a good precedent for yourself as early as now, when you have a lot of motivation to grow and learn. Here’s to managing both your money and your new career like a pro!
