When you get your very first job you will not only learn the important skills that you will need to know for career advancement but you will also learn some important life lessons. These lessons are anything from how to be on time for work as well as meetings, how to get along with others, and how to not let other people influence you to do things that you know are not right. However these are not the only lessons that are learned. You will also learn some tough money lessons. This article will help to explain what these money lessons are.
Your Take Home Pay Will Be Much Less Than You Thought
It does not matter if your first job is while you are in high school or even once you have graduated from college the amount of your take home pay will be much less than what you thought it was going to be. This does not matter if you are being paid by the hour or if you are a salaried employee. Many times people will not think about the amount of taxes that will be taken out of your paycheck each pay period. This equals out to be about twenty five percent of your pay and this is before other deductions such as insurance payments, retirement, and other deductions you may have.
You Find Out How Much Things Actually Cost
If you have been living with your parents while you have been going to school and working to save money once you are out on your own you will find out exactly how much things really cost. This usually comes with getting your first job. Once you are no longer living off of the allowance that mom and dad are giving you it will be easy to see that you are making your own money and will have to budget your money to make ends meet.
The Perks Of The Job
When you are in college working towards your degree everyone has the same dream of working for a large and often famous company that will offer benefits that are amazing such as a 401(k) matching program and even health insurance that is paid by the company. However unless you are really lucky this is not reality. Most employers do not have the economic means to have benefits such as these and you will have to pay for your health insurance and you might find that they no longer match your 401(k) contributions. You will have these deductions on your paycheck, which will in turn leave you with less money at the end of the pay period.
If You Want More Money You Have To Ask For It
When you start interviewing for your first job once you have graduated from college you might think that the education you have will be the perfect fit for a salary that you have in mind. You might be surprised to find that your potential boss may not agree with you. When you are offered a certain amount it will be almost guaranteed that it is not the amount that you will expect. The good news is that most salaries are negotiable. However you will not know unless you ask.
Eating Out For Lunch Will Add Up Quickly
A common mistake that people who are new to the job scene make is not taking their lunch to work with them. You might find that it is fun and feels good to leave your workplace every day to go eat lunch but you will also learn quickly that the cost of eating out everyday will add up quickly. It might only be five dollars per day but every day of the week will add up quickly. You save money simply by taking your lunch with you every day.
There will be many learns that will be learned when you start your first job. The largest lesson you will learn is that the money is not all that it is made out to be. The only way to learn this lesson is from experience.
Image credits to : Jumpin’Jack