9 Things To Do With Your First Salary

2,547 Views Updated: 31 May 2018
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9 Things To Do With Your First Salary

Getting your first paycheck is a watershed moment of your life! Finally being able to earn after spending those long years as a student is something that makes it quite a special day for you. 

Despite all the celebratory outings and feasts, you have new roles and responsibilities as you start earning. To balance the fun and future, here are some things you could with your first paycheck:-

#1. Budgeting And Planning

Before you hit the club, have a draft of your budget ready. The most common mistake that people make is to overspend. A splurge may seem satisfying at first, but it might be hazardous for your financial future. 

By preparing a budget, you will have your limits set, and this will turn into a fruitful habit of careful spending.


(Image Courtesy: Market Land)

#2. Start Saving

People often get carried away in the frenzy of celebration that they forget the most important thing they need to do with their salary, savings. If you apply rational thinking, savings can turn out to be extremely helpful in the times of unforeseen trouble. You can make it a rule to keep a small chunk of your salary aside every month.


(Image Courtesy: Telegraph)

#3. Investments

It is never too soon to think about investment. Investing your money will only mushroom your amount. However, you should be careful with the financial product you are investing in. For instance, a recurring deposit in a bank is a safe investment option to consider.


(Image Courtesy: ANZ)

#4. Get Insured

For a long term security, plan your insurances right from the beginning of your professional life. While it may not seem to be of use initially, It is important to get insured as it will help you pay off in the time of emergencies. The health insurance that you have been undermining all this while could be the most useful thing during that medical emergency.


(Image Courtesy: The Cheaper Insurance)

#5. No Dues

You do not want to start the new life with the load from the past. One of the first things that you should do with your salary is to get rid of that money you owe to people. Doing away with all your debts and dues can miraculously relieve you of stress.


(Image Courtesy: Pacific Standard)

#6. Help Someone In Need

While you are independent and in a privileged position now, it is important to keep the indigent in mind. The best think about helping someone is that the amount does not matter. Your salary may not have those extra zeroes, but even a tiny amount of contribution will leave you satisfied and content.


(Image Courtesy: YouTube)

#7. Pamper Time

Being a responsible adult does not mean cutting out on the fun. What could be a better time to pamper yourself than your first salary day? Finally being able to shop with your own money is the proudest moment in anyone’s life. You can also consider giving yourself a gift with your first salary or simply go on an eating spree.


(Image Courtesy: Expo International)

#8. Celebrate With Friends And Family

Even the smallest of achievements turn big when celebrated with friends and relatives. Hanging out with your friends or taking your family on dinner is the best way to celebrate your success.


(Image Courtesy: Trending All Day)

#9. Take A Trip

No matter what everyone says, student life is not so easy itself. After handling the college stress and stepping into a professional life, it is always a good idea to take a little break and go on that much-awaited vacation. Going on a self-financed trip would be the most memorable holiday ever.


(Image Courtesy: Telus)

We would love to hear from you. Tell us how you spent your first salary. Kindly use the comment box to share your thoughts and opinions with us.

Opinion
Investment and Savings
handed over the cheque to my mom. guess she saved the money!!

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