On the Job

Set up direct deposit for your paycheck. If your employer allows, have part of your check go directly to a savings or investment account.

Does your employer offer a retirement plan? I know – retirement is decades away, but early and steady savings, beginning now, can have a huge impact on your long-term investments. Be sure to contribute at least enough to get the maximum employer match if they offer one.

Employer insurance benefits can be very confusing. Health, life and disability are the common ones offered. Health insurance options may also include Flexible Spending Accounts and Health Savings Accounts. These are ways to put money aside on a pre-tax basis for your health costs. That saves you money! Don’t automatically select the least expensive (or most expensive) health plan option. Take the time to read through the Summary of Benefits and Coverage and think about your own situation. If you don’t understand what you are reading, don’t be embarrassed. Talk with your human resources person – they want to help you. Think about your life and disability insurance coverage needs. If you are disabled, how would you pay your on-going bills? If you are healthy, have few assets and no dependents, how much life insurance do you really need beyond what your employer provides?