New Job Money Checklist

1. Step 1 Check the pay is fair before you sign

   Compare the offer with official wage data for your job and state. If you're choosing between offers, our job offer comparison weighs bonus, equity, benefits and commute too.

   Check your pay against wage data

2. Step 2 See your real take-home pay

   Federal, state and local tax, Social Security and Medicare come out first. Knowing the actual paycheck before your first payday keeps the budget honest.

   See your take-home pay

3. Step 3 Fill in your W-4, especially if you have two jobs or your spouse works

   Your new employer withholds as if this paycheck lasted all year and were your only job. If you hold two jobs at once or your spouse also works, use Step 2 or an extra amount in Step 4(c) so April doesn't bring a bill (IRS). Starting partway through the year? You may be over-withheld; you can ask your employer in writing to use the part-year method (IRS Publication 15-T).

   Plan your W-4

4. Step 4 Join the 401(k), at least up to the match

   The employer match is part of your pay; check when it vests. Many plans enroll you automatically at a low rate, so pick your own rate and Roth or traditional.

   See what a contribution costs per paycheck

5. Step 5 Changed jobs this year? One 401(k) limit covers both

   The $24,500 employee limit for 2026 (plus catch-ups from age 50) is per person, not per employer, so count what you put in at your old job. Excess deferrals must be taken out by April 15 (tell the plan early; many ask by March 1) or they're taxed twice (IRS). If both employers withheld Social Security tax on more than the yearly wage limit in total, you get the extra back on your tax return (IRS Topic 608).

   Plan the rest of the year's contributions

6. Step 6 Choose a health plan and benefits within the enrollment window

   New hires usually get a fixed window, often 30 days, to enroll; miss it and you may wait until open enrollment. Line up when your old coverage ends with when the new plan starts so there's no gap, or use COBRA for the days in between.

   See your paycheck with your benefits

7. Step 7 Set up an HSA or FSA if you're offered one

   With a high-deductible plan, an HSA cuts tax and the money is yours to keep; if you're covered for only part of the year, your limit is usually prorated by month, unless you're eligible on December 1 and use the last-month rule, which means staying eligible through the next year (IRS Publication 969). A health FSA should hold only costs you're sure of.

   See your HSA or FSA tax savings

8. Step 8 Decide what to do with your old 401(k)

   You can usually leave it, move it into the new plan or roll it into an IRA. A direct rollover avoids the 20% withholding and the 60-day rule (IRS); cashing out usually means tax plus a 10% penalty before 59½. Rolling Roth money keeps it Roth.

   Compare Roth and traditional

9. Step 9 Rebuild your budget around the new paycheck

   A raise is the easiest moment to save more: decide where the extra goes before it disappears into spending.

   Build a budget

10. Step 10 Check your emergency fund

    If there was a gap between jobs, top your cushion back up. Three to six months of essential costs is the common target.

    Plan your emergency fund

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