You’ve researched the company until you’re practically an expert. Prepared for the interviews until your friends were begging you to stop talking about your best job successes over coffee. Sent the perfect thank-you emails. And now, you’ve got the job. Congratulations — you’re in your dream role, earning a bigger paycheck than you ever have before while getting to do work that genuinely excites you.
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All the preparation and planning that got you this far doesn’t stop now. Of course, you’ll need to hit the ground running in your new role. But you’ll also have to take advantage of your new earning power by reviewing key accounts to help your money work as hard for you as you will for your new employer.
Within about 90 days of starting your dream job, it’s time to check on these essential accounts.
1. Retirement Accounts
Looking toward retirement as soon as you get a new job may sound odd, but it’s exactly the first thing you should do once you start earning more. You’ll want to review your old 401(k) and decide whether to roll it into your new employer’s plan or into an IRA. At the same time, you set your contribution percentages and review your new employer’s matching policies.
2. Emergency Savings
Maybe you’re moving from one job straight into another, and your emergency savings has been secure while hopefully growing in a high-yield savings account. Or perhaps you’re coming into this role after experiencing a layoff, and you need to rebuild your emergency fund after using it for exactly what it was intended for. Either way, it’s an account you need to focus on now that you have some extra income.
If you had to dip into your fund until you started your new job, focus on replenishing it back to its previous balance. However, if you were fortunate enough not to need it, consider increasing your contributions.
3. Credit Card Payments and Loan Debts
It’s tempting to think about using your new salary for the great pleasures and treasures of life — like an upgraded car, the entire contents of your favorite TikTok shop or even the dream of a fully luxurious retirement. But you can’t get any of those things if you’re saddled with debt. Rework your budget to focus on paying down your debt, prioritizing high-interest debt first.
4. Investment and Brokerage Accounts
If you’re already investing, it might be time to up your game by increasing contributions or rebalancing your portfolio to reflect your improved financial situation. If you’ve never been in a position to invest before, there’s no time like the present. Consult with a trusted financial advisor and learn how you can get started.
5. Insurance Policies
Using your current salary boost to plan for the future is one of the smartest things you can do for yourself and your loved ones. Once you start your new role, look into your company’s life insurance and disability insurance policies (for both short- and long-term disability), and consider opting into coverage. If you already have coverage you like, see how you can increase your contributions.
6. Health Savings Account (HSA) or Flexible Spending Account (FSA)
A robust HSA or FSA is something you don’t realize you need until you do. To make sure you’re covered when medical expenses arise — and at some point, they will — ensure your new employer offers one of these accounts. Check your contribution limits and see if you can transfer any funds from your old job.
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7. Direct Deposit and Checking Accounts
Earning a higher salary doesn’t mean much if you can’t receive your paycheck. As soon as you’re hired, update your direct deposit details with your new employer. Double-check to make sure your account is set up to receive those automatic payments. No matter how much you love your job, the best day of the week is always payday.
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This article originally appeared on GOBankingRates.com: 7 Accounts You Should Review Within 90 Days of Starting a New Job
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