Salaries are exciting, I remember I stared working near the end of the month I had just enough money to take my Mum to the movies, I never felt more proud. She spoke about that movie for 5 years. Chances are that when you get your first salary you find yourself thinking; now I can get all that I have ever wanted. This and many reasons make it tricky managing money. Here are some tips to help guide you in the process.
1. Quantify all your basic expenses
Once you understand the money you have and the payments you need to make you find that you will
have more leeway and you may be pleasantly surprised that you can actually do more than you ever imagined.
2. Start paying off your debts
This helps improve your credibility and also encourages you to live within your means.
3. You can treat yourself
There are days when you just need to unwind, get out and have fun. Take the time and do it but try and limit it to once.
4. Resist the new swag attraction
I was always amazed by people who constantly had their fingers moving on the little keypads and touch pads of their phones. A friend of mine always had a different car ever week or so. It is easy to get caught up in the yes I have arrived, I made it. Spending without considering the future repercussions in terms of spending for airtime, other important things that your may be forgoing is easy but the effect can be dear.
5. Resist getting the new awesome house
Yes it may be great to live alone but are you ready to start catering for that little fridge that needs to have your own food, the cleaning lady that needs to come in and help you out especially when it comes to doing large loads of laundry and ironing.
6. Make sure you set aside money for savings, emergencies and future investments
You had better get an emergency fund started if you do not already have one.
7. Get insured
The simplest insurance policy is Personal Accident. It is a couple thousand a year and it caters for inpatient hospitalization due to accidents and covers the bill if you happen to die.
It is a great thrill to get your first salary out of college but remember it is an initiation not an invitation to live large.
1. Quantify all your basic expenses
Once you understand the money you have and the payments you need to make you find that you will
have more leeway and you may be pleasantly surprised that you can actually do more than you ever imagined.
2. Start paying off your debts
This helps improve your credibility and also encourages you to live within your means.
3. You can treat yourself
There are days when you just need to unwind, get out and have fun. Take the time and do it but try and limit it to once.4. Resist the new swag attraction
I was always amazed by people who constantly had their fingers moving on the little keypads and touch pads of their phones. A friend of mine always had a different car ever week or so. It is easy to get caught up in the yes I have arrived, I made it. Spending without considering the future repercussions in terms of spending for airtime, other important things that your may be forgoing is easy but the effect can be dear.
5. Resist getting the new awesome house
Yes it may be great to live alone but are you ready to start catering for that little fridge that needs to have your own food, the cleaning lady that needs to come in and help you out especially when it comes to doing large loads of laundry and ironing.
6. Make sure you set aside money for savings, emergencies and future investments
You had better get an emergency fund started if you do not already have one.
7. Get insured
The simplest insurance policy is Personal Accident. It is a couple thousand a year and it caters for inpatient hospitalization due to accidents and covers the bill if you happen to die.
It is a great thrill to get your first salary out of college but remember it is an initiation not an invitation to live large.
No comments:
Post a Comment