Just received your first salary? This is what you need to do.
Getting your first salary is a moment of great joy. It is a result of your hard work that you put in to reach a place where you are right now. It is natural to be excited and confused at the same time about what you should do with your first salary. Maybe it is because you never thought much about it or perhaps it is because there is so much to do.
While financial experts would ask you to start investing right away, it would be understandable if you feel that’s too harsh. For the shopping freaks, we’re sure there’s a lot they want to buy. Travel enthusiasts would like to take a trip for a day or two. Those who already have their eyes on the future are undoubtedly going to start with their savings. However, this is your first salary, and we want you to spend it just how you like it. Here, we are going to provide you with a few options that you can consider.
Shop what you want
“I’m buying this, once I get my first salary.” This thought must have crossed your mind many a time when you would’ve passed by that one thing you always wanted to own. An expensive bag, a stunning watch, or the latest smartphone; you can buy everything you had on your wishlist with your first salary. Or you may take this opportunity to gift something to your parents. Gifting something to your parents from your first salary makes you happy as well as makes your parents feel proud. So, no more waiting for or saving your pocket money. You have been rewarded for all the hard work you put in. What are you waiting for? Get your wallet and shop whatever you want for yourself as well as your parents.
Clear your dues
Getting your first paycheck is always special and often makes people go in a spending frenzy. But wait for a second, aren’t you forgetting something? Yes, your dues. Student loans, credit card bills, loans from friends and family, money owed to your friendly local cafe, and other pending payments. Wouldn’t you prefer clearing them first and using the rest of your salary as you want? Clearing your dues is the very first thing you must do as soon as you receive your salary, if you have any payments pending.
Getting off that burden of dues will make you feel happy and relaxed, which will help you think better about how to spend the remaining salary. You would never want the thought of clearing your dues to bother you every now or then, would you? So, before you start planning how to spend your first salary for yourself, clearing your dues is the first and foremost things you must consider doing.
Gift someone who helped
Getting a job is not because of your efforts alone. It is a result of many people around you who helped you get there, directly and indirectly. It is obvious to go gaga over getting your first salary. But you should never forget to give a token of thanks for all those people who are equal contributors to your success. It may be someone who told you about the job you have, referred you or someone who had guided you and supported when you needed it. To thank all such people, doing a little extra than just saying “thank you” will make them feel more than just happy.
A penny saved is a penny earned. You must consider investing or saving your money. You may feel there isn’t any need to save for now or you’re too young for investing or saving. But the sooner you start with the practice of saving money, the better. Savings and investments will not instantly multiply your money, but if you are patient, you will thank yourself for the fruits they will bear in the longer run.
Take a trip
You must have dream about going on a trip to someplace with your friends or by yourself. But maybe it couldn’t happen as you were running low on money. Well, now that you’ve grown into a responsible person, you don’t have to worry about the finance. You can now fulfill your dream and sponsor your trip with your first salary without asking for money from your parents and neither would they stop you from enjoying your life the way you want.
Join the Gym
Don’t let your job to take a toll on you. Your new job will demand from you to work late nights, sit on your desk for hours and push you towards an unhealthy lifestyle. But you can prevent yourself from getting there. You can use your first salary to invest in your health by getting a gym membership. Following a disciplined lifestyle will ensure that you stay in good shape and stay healthy.
Go for life and health insurance
Investing in a life and health insurance policy is a great idea, unless your company is providing it to you. It not only looks after your medical expenses but also helps you with saving taxes by the end of the year. Often youngsters are seen or heard complaining about paying high taxes, but they are unaware that they could minimize the amount of taxes by planning their investments.
Learn something that you always wanted
Due to your tight schedule for studying and the guilt about your parents paying for the classes you wanted to take, many people are not able to pursue their hobbies. Now, you have enough money in your hand and time to invest. What are you waiting for? Get straight into fulfilling your desires.
We hope that now you have ample suggestions to choose from and make the optimum use of your first salary. Make sure you spend your salary in a way that would put a smile on your face as well as the faces of every person who was involved in making your dreams come true.
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