Just got your first job? Here’s how to use your money carefully


Landing your first job is always something to remember. And getting your first salary is magical. It’s an incredible feeling to know that you are now an independent individual, earning your own money, no longer dependent on your parents.

It is quite okay to want to splurge when you get your first salary. You might want to buy yourself a nice treat, buy gifts for your parents and siblings, take your friends out, etc, etc. But is that what you plan to do with ALL your subsequent pay cheques?

Stop right there.

That is not the way to use your money. You need to become a responsible adult who understands the value of money. So, start using your money carefully. Here are some tips to help you out.

  • Start early

The sooner you start saving and investing your money, the more of it you will have. Do not wait for a lecture from your parents – surprise them with good money sense. They will be proud of you, and you will feel appreciated and loved. Moreover, you will feel good about yourself.

  • Start saving

No matter what the amount you earn, always keep away a certain percentage for saving. Many youngsters, especially those who come from well-to-do families, behave as if their salary is their pocket money. Well, we have some news for you. Your days of pocket money are over. This is your salary. If you lose your job, it stops. Unlike your pocket money. So, get into the habit of saving. Fast.

  • Make a budget

Have you ever noticed how you had enough money to start the month, and then, suddenly, in the middle of it, you don’t have any? That happens. Especially when you spend recklessly. Your excuse is that anyway, more is coming next month. You don’t want to become the kind that borrows from friends or family, right?  So, sit down and make a budget. List your expenses so that you know what you need to spend on.

  • Start investing

Saving your money is not enough. You have to make your money earn more money. That means you have to start investing. Don’t worry if you are not sure how to invest, and in what. Consult your elders and take advice from your parents, seniors, friends, anyone. Then chose the right investment avenue.

  • Buy insurance

This is very important. You need buy health insurance, life insurance, accident insurance, etc. It will help you in critical times. You don’t want to burden your parents, should you fall ill. Even if your office provides you health cover, buy life insurance and vehicle insurance (in case you drive a two-wheeler or a car).

Spend your money wisely — you are a grown-up now.


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