Accounts to Maintain Once You Get a Job

Now that you're in the real world and have an excellent paying job, it's time to know what type of accounts you should open to help you manage your finances and expenses. It pays to be prepared in life and has enough to help sustain your lifestyle and needs. 

Savings Account
Once you have a job, the first step you should do is open a savings account. Most jobs would open a payroll account for you, and this is where you’ll be receiving your salary. But besides your payroll account, make sure to open your own savings account. Every time you receive your salary, make it a habit to set aside a portion of it for your savings.

Saving at an early stage of your career can help you in the future, especially if you encounter any emergencies. Your savings account will be your saving grace, and saving should be your priority.

Health Savings Account
Not everyone is familiar with Health Savings Account (HSA), but it's slowly gaining popularity. HSA's are one best way for you to defray any medical expenses, including the emergency ones. Even if you're already covered by insurance from your office or personal account, HSA's have substantial contributions to make sure you won't have to spend too much on medicines and appointments.

The best part of HSA's is that it gives you a lot of flexibility in terms of contributions. You can allow other people to contribute to your account, even your employers.

Checking Accounts
At some point, you'd be dealing with big purchases you'd have to pay in checks. Checking accounts are easy to open, and maintaining it is a breeze. You can link your checking account to your payroll and write your checks from these accounts. But there are some things you need to remember with checking accounts

• You can’t draw checks unless you have enough funds because you'll be penalized
• You can let anyone use your checkbook because or else they may withdraw any amount without you knowing.

Getting a job comes with specific responsibilities, such as the simple act of opening various accounts. These accounts are necessary for you in the long run, which is why you need to open them now.

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