10 Things You Should Do After Getting Your First Salary
If you just got your first job and bit unsure what to do with your first paycheck. Here is a list of 10 things you might consider.
01. Pay any kinds of debt
If you have any kind of debt start paying that. Mostly if you have student loans. At this point, a student loan is a common debt that you may have taken on during your studies. Payment for such loans usually starts once you have graduated and may take several years to clear.
02. Gifts for your parents
They have raised you till now. Paid most of your expenses throughout your life. Mostly in Asia, they also pay for all the educational expenses. It is sort of showing some appreciation for what they have been through all these years and you, who is their success. It will make them proud.
03. Analyze your cash flows
In the first month, you should keep a note of how much is your expenditure throughout the month. There are some new expenses you might be new to you. For example, income is sort of new to you. There are always ways to pay less by being a little bit clever. Ask the HR of your company to give a break down of your salary. You can also ask for their help as they deal with this all the time.
04. Try to save money for the future
It’s is had to save money at the first stage of your professional career but you always should save up. The reason is, that most jobs are terminated in the first year. The project that you’re in might get dismissed, there is always a threat of companies downsizing where the freshers are mostly terminated, and there is also a chance you might not like your workplace and want to switch. In this competitive market, you might not have a job in your hand so easily. If you have been saving up that money would benefit you a lot.
05. Open DPS/ FDR / Govermnet Bonds / National savings
To save up the money you can always open up a DPS (Deposit Premium Scheme). DPS is an installment based savings deposit (on monthly basis) for individuals. In this account, a customer deposits a certain amount of money for a certain period. The interest rate is really good rather than the savings account. After saving for a year you open an FDR (Fixed Deposit Receipt)or you can always buy Government Bonds or national savings, which are safe and the interest rate is really good.
06. Learn how to process your Income-tax files
The sooner the better. It is a really boring task, everybody is sort of in a hurry at the tax season. So, if you learn on the internet or from any senior, you should do it as early as possible.
07. Avoid Credit cards ( at least at the starting of your career)
Credit cards are useful but at the start of your career, you might get lost with it and do not have the control overspending your money. Apparently, credit cards have complex schemes, so when you're starting your career you might not understand most of the terms. So, be content with your debit cards for the first couple of years.
08. Insurance
Well, it depends on the country but you should research insurances, mostly health insurance that might help you in dire times. It takes a lot of time to get the perfect insurance policy for yourself. So, start analyzing so that you can get one as soon as possible.
09. Buy new proper clothing that suits you and your job
Well, as now you are in the corporate world. you must look sharp and keep the best attire to get notice and presentable all the time. It will make your presence to your senior more attractive and appreciatable. So, buy some good fashionable clothes for yourself. You can always take help from others if you’re not confident enough.
10. Treat yourself
Lastly, treat yourself! You have been through a lot. You have the right to enjoy your life while you can. You’re an adult not you should enjoy the very moment you have. The last thing you want to live your life for work. Besides, if you don’t spend you won't have the desire to earn.
Conclusion
There are a lot of things that can be done to prepare yourself for the future. The prepare you are the easier it is going to be for you in the future. I Hope , everybody likes this article useful, especially the freshers, mostly they do not have any idea what to do. Please visit my other article about web crawling and python. Give claps!! so that I can understand my article are useful to you and inspire me to write more.
