Putting Your First Big Pay Check To Good Use
Your first pay check is something to shout about. For the first time in your life, someone has paid for your services. And it feels good, right? Finally, you’re on the path to riches. Admittedly, the reality of a first pay packet is usually a little lacking, but that’s not the point. It’s still exciting.
Of course, with sudden access to money, you may find yourself wondering what you should do. After all, it only seems right that you splash out with your first earnings. Most of us can still remember what we bought with our first wages, so it’s worth taking time to consider how you spend it. After all, you can hardly tell your grandkids you wasted it on beer and restaurant food. Instead, think about how to make this money meaningful. To help, we’ve come up with a few options.
Work out how much money you have to play with
No matter what you buy, it’ll be tainted if you default on bill payments because of it. The first thing you should consider is how much money you actually have to spare. Because, with the reality of earning, comes responsibility. Before letting loose, we all have to pay our debts, rent, and so forth. To make this easier for you when you’re first starting out, try to merge things as much as possible. Debt consolidation, as outlined by companies like Debt Consolidation USA, could be the best bet for taking control of your debts. As for bills, arranging them all to come out on payday will ensure you don’t have any unpleasant surprises. Once you’re sure all payments have left your account, it’s time to start planning.
Why not treat yourself to something which is sure to last? Try to think about things which could become keepsakes, rather than just spending the money on any old thing. A necklace to make the occasion could be a good idea, or a watch to wear to your new job. These are items you’re sure to have for years to come, and they’ll always remind you of this moment. They’re also things you won’t have been able to afford in the past, and possibly won’t be able to buy in the future. The time is now. At least, it will be if you go for the watch option…
What better way to make your first pay packet a memorable one then investing in your future? Putting at least some of your money into stocks and shares means that you can see a return on it later down the line. Wouldn’t it feel good to keep the momentum of that money going? Or, you could invest the money by putting some of it into high-interest savings instead. While the return won’t be as extreme, this could mark the start of your house deposit or something else which you’ve always wanted to save for. After all, we all know the importance of starting as you mean to go on!
MiLLENNiAL is a lifestyle magazine profiling those who are shaping the world we experience. From business innovation and career strategy to sustainable health and cultural disruptors, MiLLENNiAL shines the light on the young change makers of the world.