Five Things To Do With Your First Paycheck

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We all remember the experience of getting our first paycheck. If you haven’t had it yet, take it in when it does. It’s an exciting freedom to be able to make your own money but with great power comes…

Great responsibility. Yes I’m quoting spiderman to you.

If you asked anyone about what they spent their early paychecks on I’m sure they can tell you how they wasted it away on unnecessary things. I think back to the money, even the little bit, I made as a teenager with practically no bills and wonder where it all went? It literally disappeared to things I can't even remember!

So I wrote this post as a post I would have liked to read back then in order to know how to set myself up for success in the long run.

Let’s get into it!

 

Five Things To Do With Your First Paycheck

 

1. Pay back anyone you owe money to.

This is just good manners. If for some reason you have been borrowing money you don’t have before you even had a job, the first thing you should do is pay those people back. How nice of them to loan you money when you had no means to pay them back, but now you do, and nothing says “thank you” like giving them a check!

 

2. Save at least half.

When you don’t have many bills or any in some cases take advantage of being able to stockpile some money up without much effort. You’ll learn later that it takes a lot of budgeting, will power and practice to be able to save even small amounts of money each month. When you don’t have many bills take advantage and just cut your check in half and put one half away to an account you never think about! Do this all throughout your first job and you may just be able to walk away from it with a hefty chunk set aside!

 

3. Give.

Whether you believe in God, the Bible and tithing or not I’m still advising you to give some of your paycheck away. Buy someone lunch. Treat someone who treated you before you had this job. Buy a coffee for someone. Or just give some money to a charity you love but never had money to give to before. “But Lydia, I earned that money! Why should I give it to anyone else who didn’t earn it?” Using your money for good in this world should be a priority at any stage in life no matter how much you make. So start with your first paycheck to build that habit. It doesn’t matter how you do it, just do it! I promise you won’t regret it.

 

4. Treat yo’ self.

What you didn’t think I was going to let you have any fun? It’s your first paycheck! Of course you can treat yourself. You don’t have to go crazy and blow it all in order to celebrate. Buy yourself something you’ve been wanting or a edible treat that you love but haven’t ever bought for yourself! Again, don’t go crazy and spend all of it but do enjoy the fact that you now have some money in your pocket that you earned and if you did tip number 2 some money in the bank as well!

 

5. Open a bank account.

With saving at least half you’ll need a place to put it, so make sure to get a free account opened too! At first I didn’t have this advice in here but then I thought, not everyone who has just got their first job and paycheck may do this. So if you haven’t thought of this yet, let me be the first person to tell you to open a bank account. I opened a checking and savings account and put my savings (half of the paycheck) into the savings account and any money I needed for gas or expenses in the checking so it was readily accessible.

 

Take it from us that have come before you! Take advantage of this first job and minimal bill time. There is a lot of money to be had by simply not spending it all! Trust us! ;)

Lydia