Starting your first full-time job involves taking an important step towards financial independence, and you should at least be looking to prepare a budget to ensure that you live within your means.
Paying off any debts you have should be a high priority, but once you have achieved this, it may be time to start think about saving for a deposit for a house and even starting to make modest pension contributions. Pension contributions made in your 20s should grow to become worth many times those made shortly before retirement.
Although you may not yet have accumulated any capital to protect, it is important to protect your income. You may therefore wish to consider taking out income protection insurance, which pays a regular tax-free monthly benefit if you are unable to work as a result of long-term sickness or disability.Last Updated
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The key stages of financial planning
