How Can I Establish My Finances If I’m New to the U.S.? 

Moving to a new country is a significant transition, brimming with opportunities and challenges. If you’re new to the U.S., you’ll likely need assistance in navigating the financial landscape. At Harvest Wealth Partners, we understand these challenges and are here to help you consider strategies for establishing your finances after you’ve arrived in the U.S. for the first time.

Opening a Checking Account

A checking account aids in establishing a financial history and serves as a buffer for your hard-earned money. It makes purchases, bill payments, cash access and money transfers both domestically and internationally convenient. Direct paycheck deposits into your account can also save on check-cashing service costs. Most banks allow account opening without a U.S. Social Security number, provided you can confirm your identity, birth date and U.S address.

Considering a Savings Account

A savings account conserves money for future goals and generally earns interest. While some banks may require a minimum initial deposit to open a savings account, others might not. Various types of accounts are available, including traditional savings, high yield, money market and certificates of deposit (CD). Before choosing an account, consider interest rates, fees, minimum balance requirements, and the accessibility of your money.

Building Credit

Establishing credit in the U.S. is crucial. It affects your eligibility for auto, home or small business loans. Prospective employers and landlords may also review your credit. If you have limited or no credit, starting with a secured credit card, which requires a security deposit, can be a viable option. Demonstrating responsible financial habits with this card can eventually qualify you for an unsecured line of credit.

Buying or Leasing a Car

Unless you’re living in a major city, a car may be necessary. Assess your finances and credit history realistically before deciding whether to buy or lease, choose a new or used car, and where to get financing.

Purchasing a Home

Owning a home contributes to wealth. The home buying process in the U.S. may differ from other countries—it’s more common in the U.S. to make larger down payments, for example, and there is usually more than one real estate agent involved in a sale. A strong credit history helps you get approved for a better interest rate, so monitor your credit score and debt levels if you plan to apply for a mortgage.

Learning How Taxes Work

Working in the U.S. requires you to pay taxes on income earned from jobs, investments, or otherwise. Most employers withhold money from every paycheck to cover income and payroll taxes. Annually, you must file a federal income tax return, and similar requirements may apply for state and local taxes. Spend time learning about important tax terms and documents to navigate this aspect of U.S. financial life.

Our Financial Planners Are Ready to Assist You

In conclusion, establishing finances as a newcomer in the U.S. involves understanding banking basics, building credit, considering transportation and housing options, and learning how taxes work. At Harvest Wealth Partners, we are committed to helping you understand these financial options that can lead you to your goals. Contact us for a consultation, and together, we can pursue a desired financial future in your new home country.