When you receive your first paycheck, what should you do?

Depositing your paycheck into a bank account is a sound financial decision because it provides safety for your money and allows it to grow. Keeping funds in a bank account protects them from theft or loss that could occur with cash on hand. Additionally, bank accounts typically offer features like interest accumulation, enabling your funds to increase over time.

When you deposit your paycheck, it also helps you track your income, making budgeting and financial planning easier. This approach positions you to manage your finances more effectively by providing a clear overview of your cash flow. Unlike other options that may not contribute to long-term financial health, depositing your paycheck lays a strong foundation for responsible money management and savings.