How To Manage Your First Salary
  • 30 October 2020
    By : admin

    As a fresh graduate and directly get a job is an early achievement which makes you proud. After a month working, the most awaited moment comes, your first salary! Your desire to buy stuff that you want often becomes the first thing in your mind after you receive your first salary which end up does not fulfill your primary and secondary needs. For you, who about to receive your first salary, here are things you should do to manage your first salary so it does not just disappear and you can start to save for future investment.

    1. Control yourself from temporary pleasure

    High enthusiasm in receiving your first salary is happened to most employee. Many will directly make a list of stuff they want to buy from clothes, shoes, accesories, and others, but those things you do are not to fulfill your needs but just temporary pleasure. It is important to have self-control from buying stuff which is not your primary needs. Fulfilling your desire for temporary pleasure will just waste your first salary, quickly.

    To avoid it, start to buy stuff which will last longer and supports your daily life. Prioritizing wants and needs smartly is a way to be able to think before you decide to buy stuff.

    1. Make a list and balancing your outcome

    Euphoria you get when you receive your first salary will last for four days until one first week. This is usually make us lose control and always want to indulge ourselves after working hard, but do not forget to take note of your outcome so your finance stays in control.

    Start to take notes of every outcome and income everyday so you can estimate your monthly average outcome. Try to make an outcome list for primary needs such as for eating, transport, credits, and bills, then tertiary needs such as shopping or hangout with friends so your outcome will stay balanced and controlled.

    1. Start to invest

    If you are sure that you can control your outcome, saving and investment are other important things to think about so your first salary could spend in useful way for your future.

    Spare some of your first salary for savings is a hard thing to do especially when you want to buy a lot of things for yourself. Try to open another bank account for your savings and directly spare 10% or 15% of your first salary and do not try to spend them. Do it more often everytime you receive your first salary before you spend it for other things.

    1. Be consistent

    Start your first step to the better is not an easy way, but if you are able to take the step, the next thing you should do is keep moving, like managing your first salary. If you can control and save from your first salary, be consistent in managing it will construct your personality to become more organized.

    Make a list on your smartphone or tiny notebook as a reminder of what you have to do when you receive your salary. Get used to not adding more tertiery needs if it is not necessary.

    So, after you receive your first salary, do not use it to ‘reward’ your hardwork and spend all of them! Think smart before spend your salary to fulfill your current or future needs. Keep up the good work!