Taking your first steps in the job market comes with both exciting opportunities and important decisions. A new job can open doors to increased experience, new challenges, and opportunities. Since this is a significant milestone, we've compiled some practical advice that's good to keep in mind.
The employment contract outlines your rights and obligations - such as wages, working hours, vacation, and sick leave entitlements.
It's also good to know which trade union you belong to, as it ensures various rights and support for you. Trade unions are voluntary organizations of employees that negotiate wages and other employment terms on your behalf and protect your interests in the labor market.
On the payslip, the hours or days you worked during the month are recorded and your total salary is calculated. What surprises many people when they receive their first payslip is the deductions made from their wages, as your salary is divided into the paid portion, tax, and pension contributions.
Personal tax credit is a deduction that everyone over 16 years of age can use to reduce tax on wages. Before your wages are paid, you should inform your employer that you intend to use your personal tax credit so that you don't pay too much tax.
Sometimes vacation pay is deposited into a special vacation account.
The vacation pay is then paid out on May 11th each year.
It's good to start thinking about savings early and set aside a portion of your salary each month. Many small contributions make one big sum, and every bit counts.
Many people divide their salary into three parts: money for daily life, such as food and entertainment, savings for events, such as trips abroad, and long-term savings, for example for a car or apartment.
You can connect a debit card to your salary account and have a good overview and full control of your money in the Arion app.
The card is ideal for daily payments, both in stores and online, and you only use the funds available in the account.
Contribute 2–4% of your salary to additional pension savings and your employer will pay up to 2% in matching contributions. It's like getting a salary increase.
The sooner you start, the greater the benefit – smaller amounts accumulate over time.
Don't spend all your money and always aim to have some left over.
Set yourself a savings goal for each month or each paycheck.
Saving can be a long-term project - but it will grow every month.
Talk about money with your loved ones and get advice.
Don't be tempted to spread out payments or take small loans
Discounts and benefits can save you on daily expenses.
Saving is important to achieve financial security and have flexibility to meet unexpected expenses. We have compiled some good advice to keep in mind when it comes to saving.
Additional pension savings is a type of private pension savings. It is a form of savings that allows an employee to allocate up to 4% of their total salary to additional pension savings, with the employer contributing a 2% matching contribution.
Buying your first home is an exciting milestone, but the process can be complex and challenging. As purchasing a property is one of the biggest financial decisions you will make, it’s essential to start saving early. Building up enough equity for a deposit takes time, but with good planning and the right tools, you can speed up the process.
It's never too late to start saving. However, it can be a bit difficult to do exactly that: To start. Because the big question is...
...where does one actually begin?