What is your plan to do with your first salary (5 Essential Steps)

What is your plan to do with your first salary if somebody asks you what your reply will be? Don’t know still thinking? Any problem. In this article, you will get to know but one thing to keep in mind this article will be only helpful to those who are serious about their life, finance, and future planning.

That’s why this article will be on utilizing money in a productive way. So let’s get straight to the topic.

What should I do with my first salary?

The first question is how much money you got I mean your salary. This question is very important don’t take it lightly because everything will depend on how much you earn.

Let’s say a guy is getting 500$ and the second guy is getting 2K$. So both can manage and spend their salary in a different way if you talk about investment, saving, wants, or whatever.

Things you don’t have to do with your salary

1. Don’t fall into scam things ( trying to double income in a few days ). This is a signal to become poor.
2. If you look to invest money you should analyze before putting money anywhere

Things you can do with your first salary

1. Know your expenses
2. Divide salary into multiple parts such as 50 30 20 rule
3. Invest some amount of money
4. Buy insurance
5. Give a gift to your close ones

1. Know your expenses

You should know your expense because I am telling you that if you can’t track it you can’t manage it. The second thing is that you will have an idea that you have so and so expenses to tackle that expense you need to earn that much. So you will work hard for your goals or if you are currently working at the job you will work more harder.

2. Divide salary into multiple parts such as 50 30 20 rule

You can divide your income into three parts if you are struggling to budget your money or to utilize your first salary.

50% – In Needs

30% – Wants

20% – Saving And Investment

3. Invest some amount of money

The earlier you start the better for you. It’s your call. I am giving two options waste your money buying a phone or doing shopping. Whatever you like or start with a small amount investing the money. If you are looking to ignore investing after you will retire you will regret that why I had not invested at least a little bit at an early age.

4. Buy Insurance

Listen a long story short why do you need to buy insurance? See your phone has a back cover. If you think that your smartphone needs protection from damage. Your life is much more valuable than a phone for you don’t you think?

So you should have insurance. No one can explain better than this. I hope you got it.

5. Give a gift to your close ones

If you ask what is your plan to do with your first salary? So I will tell you to give your money to your mom and dad who had helped you from the day you came into existence. Rest is in your hand or you can gift it to your loved ones.

According to this, I will take 3 cases in which we will cover all those categories that many of us can come under as fresher.

Case 1. Less than 200 to 300 $

Case 2. Less than 500 $

Case 3. Less than 1K $

Whether you fall in the case one category or case two category it doesn’t matter it only matters that which I had talked about things you can do with the first salary on that point I had listed 5 points.

Hence, it is necessary that you try to checklist all the points which I had mentioned. I know it can be a little bit of a restriction but it is important to yourself, and to your secure lifestyle, so that you can be financial discipline, you will start your journey with wonderful planning.

I know it takes time to do all these things but it is a one-time investment after that you will not need much more time to do that so try to stick with that no problem if you fall in the first case and you get a low salary no problem dear don’t get disappointed you can easily manage your money in the small portion it’s okay.

It is not compulsory if you have 10K$ then you can invest if you have 50$ you then also can do it. No big deal the only condition is that you are willing to do it or not.🙂

How do you plan to use your salary?

Things to do with the first salary that I had discussed all that 5 points.

Still, on top of that, I am doing is that I invest money in my business other courses or books which help me to upgrade myself so that instead of using that money in shopping I try to upgrade my skill level that’s all for the day I hope you will follow this steps. If you want you can follow this along with that 5 points.

I am sure if somebody asks what is your plan to do with your first salary? Now after reading this article what is your plan to do with your first salary you will be able to give the answer.

Best gifts for parents?

Looking to give your parents the best gift from your first salary? Isn’t it fascinating yeah it is. Not only it is fascinating but it is also grateful thought to present gifting with your first paycheck.

Well, I have listed the best gifts for parents might you can go with anyone or it’s up to you.

1. Watch
2. Purse or wallet
3. Smartphone
4. Small Rings or any jewelry
5. You can take your parents on a tour
6. You can provide them with a party
7. Get your parents shopping
8. You book some movie tickets for them
9. You can take care of their small expenses
10. You can get insurance for them

Listen it might be big gifts or small gifts for anyone who is looking to gift their parents with first salary. But trust me no matter what your gift cost is. They will be happy with any gift you give to them because the best gift from you they already got when you started your career. Seriously speaking. Just take care of your parents never leave them alone and spend time with your family.

FAQ’s

Comment below what your first salary you get and what all things you did while getting your first salary I would like to read your comments.