A first job is a first step toward independence. It’s also a great opportunity for teens to start building smart money habits. If you’re starting your first job, here’s what you should know about managing your first paycheck.
1. Get the Basics Covered Before Day One
Knowing your schedule, dress code and communication expectations will help you start strong and avoid any surprises that could affect your new income.
Be sure to understand the following:
- How you’ll be paid
- How to track your hours
- Who to contact with payroll questions.
2. Open Your Checking and Savings Accounts
Having both a checking and a savings account will help you split up your money for everyday spending, as well as saving for goals and upcoming plans.
When you become a member of Apple Federal Credit Union, you automatically open a savings account with as little as $5. If you don’t already have a checking account, you can do so for FREE to give yourself easier access to your money.
- FREE A+ Checking: Our straightforward solution for easy money access. There are no monthly fees and no minimum balance requirement
- eXtras Student Checking: Our checking account for teens and members under 23, eXtras Student Checking lays the foundation of solid money management with low to no fees.
We also have our eXtras Student Savings for teens, which offers the same great benefits as eXtras Student Checking, plus 3.00% APY* on balances up to $1,500.
3. Set Up Direct Deposit
To set up direct deposit, you’ll need two numbers:
- Your financial institution’s routing number. Apple FCU’s number is: 256078514. You can always find this number in the top left-hand corner of our website.
- Your account number. This number is unique to your account and can be found by clicking or tapping on your Checking account then Account Details.
Already started working and don’t have direct deposit? It's not too late! Ask your manager or HR for help enrolling.
4. Get a FREE Apple FCU Debit Card
A debit card gives you easy access to your earnings and is much safer to carry than cash. With an Apple FCU Visa® Debit Card, you get extra protections through Visa’s Zero Liability and Verified by Visa card security.
You can also connect your debit card to your mobile wallet to use Apple Pay®, Google Pay™, Samsung Pay® or Visa Click to Pay.
5. Learn to Save Money and “Pay Yourself First”
Paying yourself first means prioritizing saving for your big goals. Pick a small percentage of each paycheck to save; even just 5% can make a big difference over time. Whenever you get paid, the first thing you should do is move that percentage into your savings.
You can do this automatically by setting up automatic transfers in Apple FCU Online or Mobile App. Click or tap Move Money and then Transfers. On this page, you’ll be able to choose:
- The accounts your money moves between
- How much money should move
- How often the transfer happens
- The date the transfer(s) should start
- The date the transfer(s) should end.
Additionally, you can open a Certificate with as little as $50. A Certificate is a safe, low-risk savings account where your money goes to grow. In exchange for higher rates, you agree to not take out any money before the Certificate’s maturity date, which can be as little as six months or as long as 120 months. If you withdraw your money early, you’ll incur a fee; which may be helpful if you need help saving.
A Strong Start for Your Financial Journey
Your first job is more than just a paycheck: it’s your chance to build smart money habits from the start. By setting up the right student accounts, using direct deposit and saving before spending, you can turn every dollar you earn into progress toward your future.
