Financial Awareness for Early Career
As a new Government employee, you have the opportunity to save for your retirement through the Thrift Savings Plan (TSP). The TSP is similar to a 401(k) plan in the private sector. It is in addition to the FERS Basic Annuity or CSRS annuity (administered by the Office of Personnel Management), which you receive when you retire. Visit the TSP government service for information on getting started.
When you are employed by the government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program (PSLF). The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Millennials have the worst credit scores of any generation. The data point plays well with one of America’s favorite pastimes: discussing the dismal state of the nation’s youngest consumers. The average 19 to 34 year old has a credit score of 625, but it’s 650 for Gen X (35-49), 709 for baby boomers and the Greatest Generation (together, those generations include everyone older than 50). Check out on what you can do about it!
If you have the benefit of learning money lessons before you go to college, you will be ahead of the curve. Just listen to an episode of Dave Ramsey and you’ll find people later in life who are struggling financially, in debit, wishing they had learned money lessons a lot earlier. You don’t have to be one of these people. You can learn simple money lessons early and avoid these common pitfalls. Here are eight money tips that will help you lead a financially responsible life.
Daydreaming about your goals can be exciting. It can also be daunting if you aren’t sure how you’ll achieve them – that’s where planning comes in. Most financial worries stem from lack of planning – not money. It might be easier to understand the importance of financial planning when you think of larger goals, like buying a new car. Read the BPLB Tips to plan your goals.
Doing your own taxes won’t earn you a merit badge and there is no grand celebration once you hit the “send” button on your e-filed return. But preparing your own taxes does build confidence and knowledge that can open the door to better financial decision making throughout the year. Additionally, it saves you the expense of hiring a professional tax preparer – at least until your taxes become so complex that they are better left to the experts. Here are 5 steps for doing your own taxes.
The NIH Benefits and Payroll Liaison Branch does not endorse private companies. We provide our employees with helpful information they may use. As a result, our website may at times link to an article that provides information on a specific topic. However, this does not constitute an endorsement of a specific individual or company. All Federal employees are free to pursue financial planning with any source they choose.