Hi Money Minder,
Congrats on the promotion! That’s awesome news. So, you’re starting a full-time position with a gross income of 72k a year. Not too shabby! But now you’re wondering, “What’s next?”
First off, it’s great that you don’t have to worry about rent. Living with Dad has its perks! But you do have some regular expenses to cover – phone service, car insurance, gas, and food. That can add up pretty quick!
As for benefits, your company provides health, dental, and vision insurance. That’s a good start. And it looks like they have something called CALPERS for retirement. Sounds interesting!
So, where do you go from here? That’s the big question. How can you make the most of this opportunity and set yourself up for success? Any tips or advice on how to manage your money and plan for the future would be greatly appreciated!
Thanks so much for your help!
Keep in touch!
Response from THE MONEY MINDER:
Hello There,
Hello,
Congratulations on your promotion and starting your full-time position next week! It’s great that you’re looking to get ahead of the curve and make the most of this opportunity. Given your situation with living expenses, it’s essential to create a solid financial plan to set yourself up for success.
Since you have no rent expenses, you’re already in a favorable position. To start, assess your budget by tracking your expenses and income. Prioritize setting up an emergency fund with at least three to six months’ worth of living expenses. This safety net will provide you with financial security in case of unexpected events.
Regarding your company benefits, make sure to understand what’s available to you, such as health insurance, dental, vision, and retirement options like CALPERS. Take advantage of these benefits, particularly retirement savings, to secure your financial future. Research and get familiar with these benefits to make informed decisions.
With your income and expenses outlined, consider setting financial goals for yourself. This could include saving for future expenses like a car replacement, further education, or investing for long-term financial growth. Keep track of your progress towards these goals to stay motivated and accountable.
In terms of expenses, look for opportunities to optimize your spending. Consider meal planning to save on food costs and explore ways to reduce gas expenses, such as carpooling or using public transportation when feasible. Stay mindful of your spending habits and prioritize where your money goes to ensure financial stability.
Remember, it’s essential to strike a balance between enjoying your hard-earned income and setting yourself up for financial success. By taking a proactive approach to your finances, you’ll be well on your way to achieving your goals and securing a stable financial future.
Best of luck in your new role, and feel free to reach out if you have any more questions or need further guidance.
Farewell,
THE MONEY MINDER
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