Whether you've accepted an offer for a new job or are just looking, you probably have a lot on your plate, but you shouldn't forget about your finances during this time. Printing resumes and picking a new interview wardrobe is important, but if you don't get your financial paperwork in order, you could risk hurting your credit score and other areas of your finances. Here is a helpful list of documents you should be aware of when getting a new job:
There are several student-loan repayment plans that hinge on your salary, such as Pay As You Earn and Income-Based Payment plans. These are calculated using how much you make in a year or your net pay for each paycheck. A bump in salary can make repayment a bit easier, but if you're taking a pay cut, you may need to completely reconfigure your plan.
Talk with your lender before you take on a new job and see if you can work your new income into your current plan. Also, if you are taking a job in the public sector or get offered a position with a nonprofit, you could be eligible for a debt forgiveness plan.
Many employers allow you to roll over your old 401(k) plan into your new one, but make sure you look at your new company's options. If your new job offers few investment options or charges you high fees, you may want to skip the rollover and stick with your old plan or invest in an individual retirement account.
HSAs and FSAs
When you switch jobs, your Health Savings Accounts and Flexible Savings Accounts can offer you a number of benefits to help cover expenses such as transportation and health care. Contributions to your HSAs are generally safe, but some FSAs require you to use them and can't be rolled over. Speak with each organization that handles these documents and see what can roll over into your new job, as it can help you pay for the expenses and not result in you spending too much of your own money.
Stocks and Options
These investments can be lucrative over time, but check to see that you can still invest in stocks once you leave your old company. Some companies request that you exercise these options after a certain amount of time or cash them out.