Congrats on starting out your career and entering the workforce! Now, have you considered your finances? These financial tips could put you on the fast track to success. Set yourself up for success with Pearl Hawaii Federal Credit Union by your side. Rest assured, while you’re busy paving your way, we’ll handle the rest.
First, getting your finances squared before entering the workforce is the first step towards financial success.
BEFORE ENTERING THE WORKFORCE, GET SET UP WITH CONVENIENT BANKING
Your finances could get a little more complicated once you enter the workforce so get organized. With Pearl Hawaii’s LIFE Manager, you can manage your assets all in one place. LIFE (Loans, Investments, Finances, Earnings) Manager helps you link your accounts at other financial institutions to make transfers, view balances, and manage money more efficiently. Create a budget, plan out your life, assign accounts, add expenses or income, create goals, or monitor your progress and spending habits. Log into PHFCUOnline and get started.
BANK FROM ANYWHERE WITH CONVENIENCE
Deposit Checks | Utilize SnapDeposit to post checks digitally. It’s free!
Transfer Money | Transfer money between your accounts or to an account at another financial institution.
PearlPay | Pay your bills using Bill Pay or send money person-to-person (also called P2P). Send money directly to friends, family, or anyone at all- at any time and on the spot. Pearl Hawaii’s PearlPay services let you make secure online payments from your checking account directly into nearly any account at a U.S. financial institution – and all you need is the recipient’s name and email address.
Apply for Loans | Apply for home, auto, personal loans, or credit cards. You would be surprised how much money you can save when you refinance with Pearl Hawaii.
Open New Accounts | Open a Teen or Momi, savings, or checking account plus more while never leaving home.
Access | Individual logins among joint accounts.
MANAGE YOUR MONEY EASILY
e-Statements | All of your statements are archived in one secure space.
Stop Payments | Sent a check you did not mean to? You can stop payment without ever stepping into a location.
LIFE (Loans, Investments, Finances, Earnings) Manager | Link your accounts at other financial institutions to make transfers, to view balances, and manage money more efficiently. Create a budget, plan out your life, assign accounts, add expenses or income, create goals, or monitor your progress and spending habits.
Balance/Transaction History | Get your transaction histories on all accounts. Search and view deposited checks. Also, export history to spreadsheet software any way you want.
Status Changes | Keep tabs on your account balance and verify transactions. Also, view pending Debit Card charges, checks deposited, and credit card transactions. There is so much more in one area to make your finances easier to manage.
AFTER ENTERING THE WORKFORCE, PAY YOURSELF FIRST
After all, life isn’t just about making money. Especially, life is about helping you maintain and make your goals. Do you want to continue your education, travel, or save up for a big purchase? Once your first paycheck hits your checking account, consider setting up an automated monthly transfer to your savings account. This could help you start making progress toward your big financial goals right away.
If you start saving with your first paycheck, you will benefit from establishing a saving habit from the get-go. It could be harder to curb your spending later once you get used to spending your earnings. By paying yourself first, you just might set yourself up for financial success.
Before you are paid, you should determine a way to put your money into a separate savings account that you do not touch. Essentially, you should be using your employer’s retirement plan or have an IRA. If possible, always match your retirement plan’s matching policy. The money is pre-taxed so you will barely notice it leaving your paycheck.
Additionally, try setting aside a set amount in a savings account each pay period. Ideally, you will need 3 to 6 months of expenses in your savings account in the event of an unexpected emergency. For example, if your living expenses are $1000 per month. You should have $3000 to $6000 in your account just in case.
With Pearl Hawaii’s Holiday Savings Account, you can save in small increments automatically. You will be surprised by how quickly your savings will grow.
Lastly, try the 52-week savings challenge. You will be surprised how much money you will save. With the 52-week savings challenge, you begin by saving $1 the first week of January, $2 the second week of January, $3 the next week, $4 the last week, $5 the next week, and so on while adding an additional dollar each week. If you do this for one year, you will have $1,378 at the end of the 52 weeks.
TAKE ADVANTAGE OF COMPANY BENEFITS
Does Your New Job Offer A Retirement Account?
If so, open a retirement account through your company. If they offer a matching program, open your account as soon as you can.
Your company may provide extra health insurance for you or your family. Depending on the policy your company offers, it could be less expensive than buying health insurance on your own.
Additionally, many employers offer basic insurance policies. For example, life insurance and disability insurance is an option some employers offer. These insurance policies could help protect you, your loved ones, and your ability to earn an income in the event you get injured.
SET GOALS AND CREATE A BUDGET
You may already know what your wages or salary will be, but remember that this number is your gross pay. Your take-home pay will be a little less due to taxes, retirement contributions, and social security. However, once you know your take-home pay, create a budget around that amount.
Look at how much you have to spend each month on needs. Essentially, calculate things like rent, car payments, utilities, groceries, and more. It’s smart to leave your discretionary spending for the last part of your budget. Basically, needs always come before wants.
It’s often easier to reach financial success if you’re willing to prioritize your savings, spend less than you earn, and live within your means. Once you have your budget, track your expenses to know exactly how much you spend and how you spend that money. Pearl Hawaii’s LIFE Manager will do much of this for you.
TRACK YOUR SPENDING
If you want to improve your money situation, the easiest and smartest way is to track your money. Understanding where your money is going each month will help you identify what you’re doing well and where you could improve. Creating a budget for the first time can be a little overwhelming. Track everything you spend for at least three months to get a sense of your average monthly budget, but even tracking for one month will get you started. Pearl Hawaii offers our members LIFE Manager, which is available with PHFCUOnline.
With Pearl Hawaii’s LIFE Manager, you can manage your assets all in one place. LIFE (Loans, Investments, Finances, Earnings) Manager helps you link your accounts at other financial institutions so you can see the bigger picture. Overall, you can make transfers, view balances, and manage money more efficiently. Additionally, you can create a budget, plan out your life, assign accounts, add expenses or income, create goals, or monitor your progress, and spending habits. Log into PHFCUOnline and get started.
It’s often easier to reach financial success if you’re willing to prioritize your savings, spend less than you earn, and live within your means. Once you have your budget, track your expenses. When you track your money habits, you will know exactly how much you spend and how you spend that money. Pearl Hawaii’s LIFE Manager will do much of this for you.
START WITH SMALL CHANGES TO YOUR MONEY HABITS
Set small goals and changes to your money habits that won’t disrupt your routine. Drinking a daily coffee from your favorite coffee shop or are you stopping off each morning for a spam musubi? Consider limiting your visits to just a couple of times a week.
MAKE A PLAN TO REPAY DEBT
Do you have any debt? If so, make a list of your debts and create an action plan on how to pay them off. Especially, if you have high-interest loans or credit cards. Consider, consolidating your debt into a low-interest rate Personal Loan. Overall, with a low-interest rate Personal Loan, you will be out of debt quicker and save you money over time.
Starting your career with a strong financial foundation could put you on the right track for tomorrow. Giving your finances the first promotion could help you reach your financial goals.
AVOID LIVING PAYCHECK-BY-PAYCHECK
As your career grows, you will receive promotions or raises, maybe a bonus, or even extra money. When you do receive some type of pay increase, do not use all of the money that you are paid. Living paycheck-to-paycheck is never fun. Instead, as your income grows, use the extra income to increase the percentage that is contributed to your retirement or add a little more cushion to your savings.
When Entering the Workforce, Here’s Some Services That You Will Need:
Take charge of your money and start setting aside funds for a future home, new car, or anything else. Your funds are safe, secure, and there when you need them.
You’re making money and paying bills. A checking account that’s accessible and easy to manage while on the go is important. Earn cash-back on everyday purchases, pay bills, manage your budget, and more.
Credit Create | Rates | Apply
Looking for a car to match your new job? We make the process easy with great rates, a variety of terms, and fewer fees. Recent graduates can take advantage of our Credit Create Program that will help you purchase a vehicle if you have no credit.
Interested in receiving merchandise, gift cards, or cash-back for purchases? Maybe you just want a low rate to build your credit. No matter your preference, we have you covered with the best options for responsible sending.
Just starting out? Give yourself a raise with competitive returns on certificates with a variety of terms.
Stay on top of your money, wherever you are. Create and follow budgets, pay bills, transfer money, and more, all in one place.
Building trust, nurturing dreams, inspiring hope. From home or car loans to Hawaii’s most innovative banking services, Pearl Hawaii is committed to you. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at MyFamily@phfcu.com.
OUR MISSION + VISION
Caring for our local community with outstanding service and awesome innovation.
Building trust, nurturing dreams, inspiring hope. One meaningful experience at a time.