With high school and college graduation upon us, many young people will soon be starting their first jobs — and North Shore Bank has some tips on making the most out of your new paycheck:

Know your income. It’s important to know how much money you are making. Write that number down so you can create a budget for it. If the amount of money you make per month fluctuates, whether due to hours or tips, estimate an average (and stick on the lower end to allow yourself wiggle room in your budget!).

Identify wants versus needs. Make a list of things you want to spend your money on and a list of things you want to save up for (a car, college, etc.). Write down how much you think each item on your list will cost. Then make sure you are using the 50/30/20 rule for those costs: 50 percent of your income for needs, 30 percent for wants, and 20 percent for long-term savings.

Track your habits. Once you are making money, keep track of what you are spending that money on. If you’re buying two iced coffees a day, can you cut down on that and save instead?

To be honest, these tips may be helpful even for folks who aren’t starting a new job! Remember that North Shore Bank’s website offers lots of free and valuable advice and tools to help people achieve financial wellness.