Friday, September 25, 2015

Final Friday Finance 9.25.15

Hi everyone! We are back at it this week with another installation of Final Friday Finance. Stephanie and I are so excited to link up with all of you and learn a thing or two about money. Since I'm currently going through a job change, I thought I would share a few things to make these types of transitions easier.


1. Review Benefits
I know this can be super overwhelming for most people. We like to call this analysis paralysis. Basically, when there are so many decisions to be made at once people get extremely overwhelmed and don't make any decision at all. If you let your benefits sit without making a decision for a year, you could be missing out on some tools to help you in the future. Don't wait on this! Take advantage of it asap and make a decision. Many companies offer resources to better understand the options available to their employees. 

2. Take Advantage of the New Retirement Plan
Find out when you are eligible to participate in the new retirement plan. If you are financially healthy, start contributing as soon as possible. If your company offers a match you should take full advantage of it. Your employer is leaving free money on the table for you. All you have to do is participate in the plan too. 

3. Review Your Old Retirement Plan Options
Usually there are multiple options when you leave a company and you have been participating in their 401k. Depending on the rules you may be able to leave your money right where it is. You could also potentially roll it over into your new 401k plan. It might even make sense to put it into a Rollover IRA. Do what makes the most sense for your situation.

4. Ask About Your Leftover Paid Time Off
Not all states require employers to pay out remaining PTO hours when an employee leaves. Even in the states where it is not required employers may pay your vacation days out of appreciation. It never hurts to ask what the policy is for left over vacation hours. You may be pleasantly surprised (yay, I was!).

5. Reset Your Financial Goals
When you make big changes in your life you will want to review your financial goals and reset things going forward. Your income will likely change in some way, you may have to move, your spouse may need to find a new job, current goals could become reality. It is important to have your priorities straight when you are going through big changes. For us, we always say "what would be the next most important thing" in a financial sense. It really helps!

If all of this seems incredibly overwhelming I can assure you that you are not alone. Ask questions and make decisions. You will be happy you did later!


4 comments:

  1. Ah I totally spaced it this month! So happy for you with your new job! And that's awesome that you got some pay for your leftover PTO!

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  2. These are some great things to think about! Thanks for reminding me to look into some of them and congrats on the new job!

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  3. Definitely agree with your points! Another thing to think about with a new job is to make sure you have enough money saved just in case the pay schedule is different at the new job so that you don't accidentally short yourself money while waiting to be paid.

    liz jo @ sundays with sophie

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  4. I cannot believe I missed this AGAIN this month!! I got a new desk calendar for home...hop it is going to help me stay on track with scheduling blogposts. Hope to join in next month!

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