'Adulting 101': How to nail the financial basics and save thousands, starting with your first job investinyou (In partnership with acorns.)
Age doesn't matter as much as you think, says Paul Gaudio, a certified financial planner at Bryn Mawr Trust in Princeton, New Jersey.
On a starting salary that has to cover your monthly bills and get you through your days, you may have to do without some things, says Chris Kampitsis, a CFP at the Barnum Financial Group in Elmsford, New York. "We all have choices to make," he said. "For some people, it's living in the suburbs and moving to the city when they get their financial feet under them.
Learning to live on less than you make from the start of your career means you'll never feel hamstrung by lack of money. "You'll always simply have built your lifestyle and your expenditure around that 90% habit," Kampitsis said. Doing this now is far easier than it will be in 10 years to 15 years, when you could be dealing with wedding costs, mortgages or children.It's good to learn early on how to squeeze the most out of your employer benefits.
If you feel squeezed by contributing to the retirement plan or an individual retirement account, here's a government gift in the form of a tax credit: the, for those with 401 plans or IRAs who aren't dependents on someone else's tax return and earn under a certain limit.
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