Working Your First Job
Nothing beats earning your own paycheck. But before you start buying $200 designer shoes, we'll show you how you can make the most of your money.
Once you start receiving a paycheck, everything changes. If you're like most people, you'll immediately start spending your money. After all, earning your own cash is exciting and empowering, so why wouldn't you want to exercise a bit of financial freedom? Unfortunately, it's easy to spend too much too quickly, and you could suddenly find yourself in debt. After all, even millionaires declare bankruptcy. Hollywood is filled with celebrities who lost everything after buying one too many bottles of Cristal.
So what can you do to make sure you don't work 40+ hours a week only to end up broke every weekend? Take the time to learn everything you can about your paycheck and how taxes work. Read Understanding Your Paycheck for information on deductions, taxes and more. You may even consider developing a budget.
Silver State Schools Credit Union offers many services designed to help you manage your time and money:
Hold off on buying your friends gifts and free dinners until you develop a savings plan to take care of potential emergencies. The last thing you want is a car that needs repairs and an empty checking account. Start a savings plan and deposit a portion of your paycheck into your Silver State Schools Credit Union savings account.
Spending your hard-earned cash
Eventually you're going to want to spend some of your money. That's where MY Account's e-Checking comes in. It features no minimum balance requirements and no monthly fee ... and it's all done online! With our Visa Debit card, you can get cash at ATMs or make purchases anywhere you see the VisaŽ logo, (including free access at all CO-OP Network ATMs).
Making your financial life easier
Holding down a job means less free time. If possible, set up Direct Deposit through your employer. By depositing your paycheck electronically, you'll have instant access to your cash and you'll even save a few bucks on gas.
Manage your credit union accounts on your schedule with e-Access Online Banking or with our 24 Hour Phone Teller. Want to go mobile? Try e-Mobile where you can access your accounts on internet-enabled wireless devices.
Planning for tomorrow
It's never too early to start saving for the future with an Individual Retirement Account (IRA). Not only does an IRA offer a plan for the future, but there are possible tax benefits associated with this account.* As your income increases over time, don't forget to also increase the amount you save for retirement.
* Please consult your tax advisor for possible IRA tax benefits. Fees may reduce earnings and a penalty may be imposed for early withdrawals. Additional penalties may be assessed by federal and state tax authorities under regulations governing IRAs.
