If you are in your first job, you are waiting for your first salary and your excitement is on cloud nine, This context is for you.
Wishlist in mind.
Everyone has their wishlist prepared since from college days though! I remember when I was in my college days, I always wished to have an iPod for me, on which I can listen to my fav songs, but since it was so expensive at that time I couldn’t buy one for myself.
On the same note, people who are in their first-ever job I knew must carry wishlists in their minds.
But how you can spend it better we are going to talk through.
So Let’s dive into it.
First thing first.
In the real world, we generally devote things first to God as a token of thanks.
Second, contribute some part to needy people.
Third Buy gifts for parents and young brothers or Sisters.
And finally can fulfill your topmost wishes.
What else we can do
Devoting some to the needy is a good way of giving back and gives internal satisfaction and it’s always boosting your tendency to do better for society.
But in addition to fulfilling your desires we should start saving some portion of money for the future, it can be any small amount, initially.
Baby steps toward savings
Many of us are totally unaware of the fact that whatever we are earning needs to be saved for rainy days or for our future. and how we should do that. I can suggest a few points, which can help you to plan this in better ways
- Pay yourself first. If you wait to see what income is left over after paying expenses, you are less likely to save. Determine in advance how much money you plan to deposit each month. If you receive a raise, increase the amount of money deposited into your savings account.
- Take advantage of bank technology. Consider automatic payroll deductions or automatic transfers from checking to savings. Arrange to have a specific amount transferred to your savings account every pay period.
- Pay your bills on time and pay more than the minimum amount. While 97 percent of Americans pay their bills on time, some consumers pay late fees. Alleviate the hassle by scheduling time once a month to pay bills, and put them in the mail with enough time to get to the creditor.
- Determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet cup of coffee in the morning? By bringing your lunch to work a couple of days a week, you can save hundreds of dollars a year.
- Shop around. There are thousands of options for financial services products. Be selective, and get the best prices, services, and lowest fees for credit cards, bank accounts, mortgages, and CDs.
- Consider investments. For long-term goals, such as saving for a home or retirement, consider bonds, mutual funds, real estate, and stocks.
- Consult your local bank. Ask which bank products and services would best suit your needs. Your banker is the best source of information about accounts and interest rates available.
Hope it helps many
Source aba.com