The first salary is very important for everyone because it shows the value of the hardwork and the smartness. Recently, someone said that in some parts of the world, it’s necessary totake the whole first salary to your parents and allow them keep a part of it if they want and let them tell you how to spend the rest. We are not quite sure that the yougsters agree with this situation,therefore there are other ways to manage the situation. Do you want a simple way to spend your first salary? Divide it in three equal parts and then: Give some to the people you love. These people may be your mother, your father or your little brother. The greatest joy is when you spend your money with those who have given you everything; Give some money to those people you’ve ever ignored. Yes, those poor people who live near your street and sleep in a box. Or you can also choose to help an organization that takes care of helpless animals; Keep the rest of the money for yourself - It’s your prize.
But maybe you don’t like any of these options and then you can think about another ones. You may want to buy an object that can remember you about your first salary for a long time. A TV can be a good example. Or a pet. Or an advance for your first car. However, not everyone thinks about to spend the first salary in a useful manner. Some of the people choose to have a party with friends. There are also people that don’t want to have something substantial from their first salary. We are talking about those people who choose to do a crazy thing as an extreme sport. You might want to use your money for something but you’re just not quite sure. There’s possible that you will not want to keep them into a bank account just like others. So, after you’ve finished with your monthly expenses, you could start a fund. This will give you the resources when you want to do something spontanuous. Spontaneous occasions are the bonuses of life, so get ready for them! It may sound rather odd to plan for something spontaneous but it is the best way around for you to secure your future fun time.
However, you must be cautious because your first salary can get you into a ton of debt. Do you live with your parents? If so, you surely are accustomed to have no worries about your basic needs. So, you are free to spend your money on clothes, lunch with friends and things like that. And if you have a grandmother who helps you with money from time to time,you are the luckiest person. But things can change when you are a student and you have to cover all kind of costs like books and housing. Or maybe you need to buy a nice business suit to wear to interviews. Think about one thing:the way you choose to spend your first salary can influence your future behavior. This means that your first salary is the perfect opportunity to make an analysis of what contains the real life, lived without any help. There are some useful questions:
1. How much money do I need for food?
2. How much do I have to pay for power/water/internet?
3. Do I afford any of my pleasures,like skating?
4. How much money can I spend for clothes and hygiene?
5. Do I afford to pay a rent all by myself?
No matter how little or how much money you own, spending it wisely it’s always a good idea. The way you choose to spent your first salary talks a lot about your future as consumer. It’s ok wanting to buy something that you wish a lot but, for your own good, you must understand quickly that only few people can affort to buy something when and where they want. Shopping not only covers necessities but also can create addiction. Nowdays, we can easily meet people that admit buying unnecessary things just for the pleasure of shopping. We can also be one of them if we don’t see the limit between need and whim. Author bio: Andrew Doherty, manager of the bridging finance department for Vision Finance London. I love economics and life in general.