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5 things to do when you get your first paycheck

by Rocky Fang
Chase Community Manager

Getting your first paycheck is an exciting experience and an opportunity to start your financial journey. Setting short- and long-term financial goals early on will give you a solid foundation for the future.

“The first paycheck is a fantastic time and an opportunity to start managing your money,” said Chase community manager Rocky Fong.

“Direct deposit and automatic savings are some of the ways we’re getting there.”
Here are five things to help you get the most out of your first paycheck:

  • Open a bank account: A checking account allows you to make deposits, transfer money, withdraw cash, pay bills, and process other banking transactions in person, online, or through your bank’s mobile app. Most accounts come with a debit card that can be used anywhere cards are accepted. It is important that you have the account that best suits your needs. Learn more about the documents required to open an account.
  • Set up direct deposit: For quick access to the money you earn, set up direct deposit. It will keep your funds in your account on payday, making it easier to pay bills on time, send money and meet financial obligations without having to go to the bank or ATM.
  • Set Up Automatic Savings: Automatic Savings helps you achieve your savings goals by automatically transferring from your Chase checking account to your Chase savings account – just set it, forget it, and watch your savings grow! For example, pay yourself first or set up automatic transfers of even $1 per day every time you get paid. Autosave allows you to adjust your goals or pause at any time. Savings goals are personal, and setting aside money to build an emergency fund for unexpected life events is a great place to start.
  • Resolve your debts: Assess your current debts—like student loans or credit cards—and resolve the most critical debts at high interest rates first. A local Chase banker can help you create a plan so it’s not overwhelming. Having a plan often brings assurance and peace of mind.
  • Plan for the future: If your employer offers a retirement account, understand how it works and consider contributing to it. It’s never too early to start saving for your future. The more proactive you are in planning these life events, the less burden they become when the time comes.

For more information, visit your local Chase branch and talk to a banker or visit Deposit products offered by JPMorgan Chase Bank, NA Member FDIC.

Sponsored content by JPMorgan Chase & Co.

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