Checklist – Preparing to Enter the Workforce Financially

• If you left school with debt, consider contacting BALANCE™ to speak to a Student Loan Counselor. The counselors can conduct a comprehensive review of your federal loans, evaluate repayment and postponement options, determine if student loan consolidation is a good option, etc. As a benefit of your Delta Community membership, this service is free to you.
• Consider employee benefits beyond your salary when evaluating offers: health insurance, employer-paid and voluntary life insurance, professional development, tuition reimbursement or student loan repayment, retirement plan, commute expenses or the option to work from home, vacation time and other paid time off, location flexibility, work hours and days of the week.
• Establish a professional development plan for yourself that incorporates your financial and professional goals. Continual skill and knowledge development will be needed for advancement opportunities, and a well-thought-out plan can help you stay on track.

Checklist – Making the Most of Your Salary and Employee Benefits

• As a new employee, there may be many things to learn, but don’t underestimate how important it is to select the best employee benefits options you can. Take time to understand the value of your employee benefits and what changes might be needed:
  • During your first open enrollment, you can opt into life and disability benefits without passing any exams or meeting health qualifications. These insurance coverages can be difficult or impossible to obtain later if your health changes, so don’t miss your chance to get the coverage you need now.
  • The most expensive health insurance plan doesn’t always provide the greatest benefit. Be careful to consider the premium, deductible, and out-of-pocket maximum before making your selection. Also educate yourself on your prescription drug benefits, mail delivery options, and whether or not the costs of prescriptions are included in your out-of-pocket maximum.
  • An employer retirement plan such as a 401(k) or 403(b) can be a great opportunity to start investing, especially if your employer offers any sort of matching program. The basic concept is that you are able to systematically set aside a portion of your pay to be invested automatically. This is one of the best ways to begin building wealth.
• Set up a Traditional or Roth IRA if your employer does not offer retirement savings options. Also, consider establishing a Roth IRA to hold your emergency fund dollars. You can access your contributions at any time without penalty or taxation.
• Establish a monthly budget based on your take-home pay. Here’s a suggestion to manage your budget, aim to spend less than you earn. A common guide is to try to save 20% of your gross pay. This can include savings accounts such as a Money Market Account or Certificate of Deposit (CD) or investments such as an employer-sponsored 401(k) retirement plan.