I just got my first job -- Now what? Getting your first serious job is a huge flex! You’ve worked hard to get here, and now you’re stepping into a whole new world - handling a real schedule, real responsibilities, and, finally, real paychecks. It's exciting, but let's be real, it can feel overwhelming.
The two biggest challenges for anyone starting out are managing your time and managing your new money.
Tired of the pressure to keep up with the algorithm? Your money moves should reflect your values, not a flex. Financial anxiety is a real thing, and comparing your first paycheck to someone else’s highlight reel is a waste of energy. Money talk can be stressful but defining what matters (security? travel?) helps you build a plan you can stick to.
Your skills have value! Before you start a new job, take time to research what the typical salary is for your role in your area. Knowing the range gives you realistic expectations and helps you feel confident when the question comes up about your starting salary. This prep work isn’t about demanding the moon—it’s about making sure you’re paid fairly and starting off strong.
If you get a salary, you get a set amount each year, paid out regularly (like every two weeks). If you get a wage, you get paid by the hour.
Once you have this information, your first move should be organization and automation.
Before you start spending, check your pay stub. Your gross pay (the big offer number) is not what’s going to hit your bank account. After mandatory deductions (taxes, EI, CPP), you get your net pay. This is your take-home pay, and the only number that matters for budgeting.
Automate ASAP: Get your direct deposit info (transit, institution, and account numbers) to your employer.
Set It and Forget It: Then, automate everything: auto-transfer money into savings, and set up automatic bill payments. The less you have to think about it, the less you'll stress.
Stay Organized: Use your phone to set reminders for bill payments, checking in on your budget, or work shifts.
When that first paycheque lands in your account, it’s tempting to celebrate with a little splurge. And hey, treating yourself is part of life. But before you run out of funds, make a plan.
A budget is just a system to make sure you have money for your needs, wants and future goals. A simple way to start is the 50/30/20 rule:
50% for needs (rent, groceries, bills)
30% for wants (fun stuff, eating out) and
20% for savings and debt.
Track your spending to make sure you stay on track. When you know where your money goes it helps you avoid the dreaded “Declined” message at the cash. Stay in control so you don't overspend on the "fun" category and stress out later.
You can use Finfo’s budget calculator, or even just a notebook to track where your money’s going – whatever works for you. Don’t worry about making it perfect. The key is to start somewhere and adjust as you go.
Use your phone to remind you about bill payments, checking in on your budget, or work shifts.
Speaking of starting somewhere, if you have high-interest debt (looking at you credit cards), it may be a good idea to pay those down first. If you have a student loan, plan for those payments before they come due.
Don’t forget to set some money aside for your goals. A savings account like a Tax-Free Savings Account (TFSA) can be used to build your Emergency Fund (aim for 3-6 months' rent/bills). All the growth is tax-free, and you can pull the money out anytime without penalty. This can protect you if you have a lower-than-expected paycheck, or if something more serious happens like injury or job loss.
Even though you’re just starting out on your job journey, it’s not too early to think about future money needs. Your employer might offer to match your contributions to an RRSP or pension, that is literal free money that can help you save for your first house or retirement. If this is an option, try to contribute at least enough to get the full match.
A job takes serious time, so work-life balance is essential. This means making sure you have time and energy left over for friends, family, and hobbies. Set healthy boundaries to protect your personal time when you’re off the clock. A healthy balance helps you avoid burnout, stay focused, and make better decisions—including financial ones.
You know we had to say it. Taxes are something we all love to complain about, but filing is the key to unlocking a potential refund and any government benefits (aka money in your pocket) that you might be eligible to receive.
At the beginning of each year, your employer will send you a T4 slip. Remember those deductions that came out of your pay? Your T4 is the official receipt that proves to the Canadian government how much money you made and how much tax you already paid. Why should you care? When you were working, your employer took money out of every paycheck for taxes. They were estimating how much you'd owe for the whole year. If you paid too much tax during the year, the CRA sends that extra cash back to you as a refund. You need the T4 to file your taxes and determine whether you are due a tax refund. Don't toss it; keep that T4 safe!