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What to do after you get your first paycheck

By Tara Cabullo, Brighterlife.com.ph

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Congratulations, you just became a legitimate member of the tax-paying generation. You are now finished with the latches of the university and you can now breathe a sigh of relief.

Now that you receive that slip of paper with numbers, plus and minus symbols, do not panic. Here’s a nifty guide to your money list when you start earning, no matter how small or big.

1. Open a bank account. This is the most basic of all basic: every working individual must have a standard savings/ATM account. If you do not have a de facto bank as advised by your HR, consider the bank you always go to, you always pass by or fits your online banking needs. When you go to the bank, don’t forget to bring a 1×1 ID photo and government-issued IDs. Maintaining balances often range from Php 500 to Php 5,000.

2. Get social. And with that, we mean your Social Security number. Your SSS number is not just a requisite; it is your ticket to government aid for your retirement benefits, maternity benefits, loans and much more. If you’re working for the government, the counterpart is with the government office GSIS.

3. For health concerns, don’t forget to apply for your PhilHealth

 

4. If you’re a freelancer, and you approach tax season, seek the help of any of your CPA friends and pay your taxes. If you’re employed, no need to worry about this as your HR will be taking care of your tax responsibilities.

5. Jumpstart your big-ticket fund. It could be that your goal is to buy a home in 10 years, or establish your own business. It could be that you want to go to Europe by the time you’re 25. The thing with all big-ticket expenses is that they start small. Look into options such as mutual funds, of which the minimum is only Php 5,000.

6. Give back. It could be your church, or a charitable institution you grew up giving to. It could be a dinner out with your family to celebrate a milestone of your life. As the old saying goes, blessings are meant to be shared and what better way than to share your earnings to the people you love.

Need help on planning your finances well?

The right person might be an advisor who can walk you through the steps of successful financial planning.
Don’t have an advisor yet? Click here to find the best one for you.

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