Just Got Your First Salary? Here’s What You Can Do With It.
The transition from the warm, fun, sheltered universe of a college to the real world of work life is not the easiest thing in the world. We barely managed to make the 75% mandatory attendance and are suddenly faced with just 22 leaves for the whole year! Amid all these life changes that come from suddenly entering the world of adults in your first job, there is one glorious moment - your first paycheck.
There's nothing quite like receiving your first paycheck. It’s that moment of realising that a whole month of sleepless nights, early mornings and stress of a new job - was all worth it.
After years of relying on your parents, earning your first paycheck is an exhilarating feeling. This is your hard-earned money for you to spend as you please, without being accountable to anyone.
So what exactly can you do with your first salary? Here are some ideas.
1. Plan Efficiently
Being an adult is synonymous with responsibility and this responsibility applies to your salary too. As tempting as it is to blow it away on a shopping spree or a party, it is important to plan efficiently. Save 20% of your first salary (and every salary thereafter!). Before you know it, you’ll have a little fund created for unexpected needs (or wants). Plus it gives you the relief of being prepared for a rainy day and no guilt for spending the remaining 80% as you please!
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2. Gifts For Parents
There is a lot of emotion attached to the first salary, you want to make it count. And what better way to do so than by doing a little something for those who made all of this possible? So much of the person that you are and the things that you are capable of doing is because of your parents. And while you can never really repay them, buying them gifts from your first salary will go a long way in letting them know how grateful you are.
3. Pay Your Debts
With education becoming more expensive by the day, a lot of us have student loans looming over our heads. While they may seem monumental, like every journey of a thousand miles, it begins with a single step. Make sure you set aside a part of your salary every month to pay off your debts. And slowly, they will start to diminish. Money feels much better when you know you don’t owe it to anyone.
4. A Token Of Gratitude
The favourite teacher who was always there for you, the best friend who was your go-to before every exam and interview or the person who helped you get a foot in the door for this job - there are so many people who have helped us along our journey. Make sure you include them in your success. Send them a little token of gratitude from your first salary. It doesn’t have to be big but it will definitely make them very happy.
5. Pamper Yourself
While you’re thanking and appreciating everyone, don’t forget to include yourself on the list! Your salary is a product of your handwork and efforts, make sure you pamper yourself with it. Go for that massage you’ve always been longing for, buy that dress or take yourself somewhere fancy for dinner. Indulge. You’ve, quite literally, earned it.
Financially smart people know that your money must earn money for you. It is extremely important to start investing smartly from a young age. You don't need a lot of money to start investing. Small amounts build into large chunks over time. Talk to a professional and educate yourself about different options available and then start to invest your money.
7. Help Someone
Whether it is a friend in need or a charitable cause you’ve always believed in, use your first salary to bring a smile on someone else’s face as well. Help someone who needs it. And you know what they say about happiness being multiplied as it is shared!
Travel is the only thing you spend money on, that makes you richer. Use your first salary to go on a trip. It will probably be one of the most enriching experiences of your whole life. It will help you grow as a person, learn so much and have a lot of fun along the way. And knowing you’ve made this happen, is a cherry on the cake.
Also Learn - How to Negotiate your Salary!
Those killer heels you’ve had your eyes on for the longest time or that swanky new gadget that you’ve always wanted - from your first salary, buy something that you have always wanted to. This is a celebration of your effort. You want to spend it on something that you will hold dear and it will always remind you of this special day. So go ahead, because at times like these, money can buy happiness.
What did you do with your first salary? Share it with us in the comments below!