Enroll in your 401(k) investment plan

If your new employer offers a 401(k) plan, that’s an ideal way to build your investment and retirement savings. Generally, money contributed to a 401(k) is deducted from your taxable income, although you would be taxed later when you withdraw money during retirement.

Moreover, many firms with 401(k) plans will match your contributions up to a certain percentage. You should take full advantage of any match your company offers by contributing as much as you can—your employer’s matching contribution is free money that will grow tax-deferred. If your company offers a matching contribution of up to 5% percent of your pay, that’s the equivalent of a 5% raise. Try to contribute enough to take full advantage of the company match so that you’re not leaving any money on the table. Also check to see if your company has an automatic increase scheduled for contributions—usually done annually. If your company does this, if you start with the 5% contribution this year to get the company match, next year your contribution will be automatically increased—typically by 1%—to become a 6% of your income contribution.

Dealing with your old 401(k) account

If you also had a 401(k) at your old job, check to see whether your former employer requires you to close it out. They may not—but leaving your money in the 401(k) at your previous job might expose you to fees that were covered when you worked there but that your old employer won’t cover now that you’re no longer an employee. Consider, too, whether you want to keep track of multiple 401(k) plans; you may find it easier to roll your old plan into your new employer’s plan or into an IRA or Roth IRA you set up independently.

It’s important to look at your options when deciding whether to roll over. Compare the investment options, fees and expense, service options and features of the different plans. (See: 401(k) options to consider with a new job.)

Building wealth

One of the biggest temptations with a new job and a bigger income is to start spending more money. You should resist this temptation.

Instead, adjust your budget in ways that help you save and invest more, perhaps by opening an IRA in addition to your 401(k), or starting a college savings plan if you have kids. (See: Pairing a Roth IRA with your 401(k).)

When you’re setting up direct deposit with your new employer, take the opportunity to set up automatic savings and investment transfers as well. If you already have an automated savings or investment plan, consider adjusting your contribution higher to take advantage of your higher income.

Making the move

If you’re moving for work, you can’t avoid additional expenses. However, you can compare the costs of different options: for instance, renting a smaller, temporary home and storing some of your possessions until you find the right place to buy, rather than spending money on a long-distance house hunt.

If you’re moving to a more expensive city, you may be able balance out your housing expenses by relying on public transportation—especially if your employer offers help with transit costs. Even if you’re not moving, a new commute might offer the opportunity to adjust expenses like transportation and gym membership. You can take advantage of the new routine associated with your new job to reexamine expenses you’ve taken for granted and ask yourself if they’re still necessary.

A new job can be an exciting and challenging opportunity—as well as the perfect time to get your financial life in order.