Financial Planning

First Job Financial Checklist UK: 10 Money Moves to Make When You Start Working

SYM

Your first salary job comes with financial decisions that can have lasting consequences — and most people make them passively rather than intentionally. The choices you make in the first months of work (especially around pension, tax, and savings habits) compound enormously over time. Here's what to do and in what order.

1. Check Your Tax Code

Your first payslip will show a tax code — typically 1257L for a standard personal allowance. If the code is wrong (emergency code BR or 0T, or a different number), you may be paying too much tax or too little. Check your tax code with HMRC via Personal Tax Account at gov.uk. If wrong, HMRC will correct it and refund any overpaid tax. Don't ignore payslip tax — many first-jobbers overpay for months without realising.

2. Opt Into the Workplace Pension — And Increase Contributions

By law, employers automatically enrol eligible employees into a workplace pension. Don't opt out — it's usually a very bad financial decision. More importantly: check if your employer will match contributions above the minimum. Many employers match up to 5–10% of salary if you contribute the same. Not maximising the employer match is leaving guaranteed, instant-return free money on the table. Do this in week one.
  • •Never opt out of auto-enrolment without a very specific reason
  • •Find your employer's maximum match contribution rate
  • •Increase your contributions to the maximum matched level immediately
  • •The employer match is a 100% guaranteed instant return — nothing beats it

3. Student Loan: Know Your Repayment Threshold

Student loan repayments are automatic through payroll above your plan's threshold. Plan 1: repay 9% on earnings above £24,990/year. Plan 2: repay 9% on earnings above £27,295/year. Plan 5 (post-2023 starters): repay 9% on earnings above £25,000/year. Postgraduate loan: 6% on earnings above £21,000. These are taken automatically — you don't need to do anything — but knowing your plan type helps you budget accurately. Check your plan type at gov.uk or your loan statement.

4. Build Your Emergency Fund and Start Saving

Your first financial goal should be an emergency fund of £1,000, then building to 1–3 months of expenses. Set up a direct debit on payday from your current account to a separate savings account. The SYM app can help you set a specific savings goal and track your progress. Once your emergency fund is established, start an ISA (Cash or Stocks and Shares depending on your time horizon). The habits you build in your first job compound over decades.
Should I pay off my student loan early with savings?+

Almost certainly not — Plan 2 and Plan 5 loans are written off after 30–40 years and most graduates don't repay in full. Paying extra voluntarily rarely makes mathematical sense. Put savings to better use building an emergency fund, ISA, or pension instead.

What's the most important financial habit to start from day one?+

Pension contributions at max employer match, combined with automating savings on payday before you have a chance to spend. These two habits, started early, have more impact than any other financial decision you can make in your 20s.

5. Get the Rest of the Checklist Done

Complete this list in your first month: (1) Open a Stocks and Shares ISA if you have investable savings; (2) Register on the electoral roll at your current address; (3) Check if your employer offers salary sacrifice for pension, cycle to work, or tech schemes; (4) Get contents insurance if renting; (5) Check you're being paid the correct National Living Wage (£12.21/hour in 2025/26 for 21+); (6) Set up a basic budget using the 50/30/20 framework or the SYM app; (7) Never ignore a payslip — review it every month.
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