Cha-Ching! Making the most of your paycheck.
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It's the end of the month and you are handed a white envelope. Inside is the sum of all your toil and sweat-your first paycheck. What you do next can set you up for a promising financial future.
  • Check your stub
    Always check your stub to make sure that you're getting paid in full and not getting hornswoggled (yes, it's a real word).
  • Get a checking account
    A checking account is the basic tool of money management. It's a gateway account that leads to more serious money management tools like debit cards and mobile banking.
  • Get a savings account
    Your mattress doesn't pay you interest so, always put a chunk of your money away in a savings account.
  • Set up direct deposit
    Most employers can deposit your paycheck into your accounts automatically, saving you time and gas (it's like magic).
  • Divide and conquer
    Before you spend a penny, divide up your paycheck into a budget. Decide how much you are going to save and how much you're going to spend on your wants and needs.
Your Paycheck

Pay stub
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CLAY
Posted 10:46 am o 09/02/2009
Well, for a first pay-check, you probably don't have many bills but if you do, make sure you have a sound budget before you start spending your money
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sugarhigh329
Posted 1:49 pm o 07/18/2009
First of all, if your work provides direct deposit, do it! Direct deposit is so convenient! It goes straight to your savings and then all you have to do is go online and transfer money to your checking if that's what you want. There's a number on your debit card that you can call to transfer money also. It's automated so it makes it really easy and fast to transfer money if you are at the store and need it right away or just don't have internet access.
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rcragun
Posted 11:10 am o 07/18/2009
I set up some dedicated savings on my account. and right as the money gets put in it goes toward different savings accounts. I like to put it away before I can do anything with it!
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jcdavis
Posted 10:02 pm o 06/02/2009
Always put 10% of your paycheck into savings! JUST DO IT! You will only end up spending it on food!
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