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As industrious as you are, you might be tempted to simply get back to work.
But its essential to show the same diligence in managing your finances that you did in earning your promotion.
Before that first paycheck hits your direct deposit, take time to review these critical accounts.
Review your 401(k) as soon as possible.
If your employer offers a match, adjust your contributions to take full advantage its essentially free money.
This is also the time to evaluate your IRA options.
Whether you have atraditional or Roth IRA, consider increasing your contributions.
If you havent started an IRA yet, nows a great time to open one.
Every extra dollar you invest today has the potential to grow significantly thanks to compound interest.
Yet now is precisely the time to bolster your emergency fund.
If its already fully funded typically three to six months worth of expenses youre ahead of the game.
This way, your emergency fund can grow while providing a financial safety net.
Investment Accounts
You dont need to be a Wall Street power player to explore the investment markets.
A financial advisor can help you balance your portfolio to your personal risk tolerance.
Take a close look at accounts associated with credit cards or personal loans with steep interest rates.
Some financial advisors recommend prioritizing paying off debt before pursuing other financial goals.
Health Savings Accounts
Paying for healthcare isnt something most people think about until they absolutely have to.
So why not make it as painless as possible by padding your health savings account, or HSA?
If your employer offers an HSA, take advantage of it by contributing pre-tax dollars to coverqualified medical expenses.
Whether its for routine checkups or unexpected procedures, an HSA provides financial support when you need it most.
If youve been putting off increasing your contributions, nows the time to reconsider.
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