Got your first salary cheque? Great! Now start your financial planning
Getting your first paycheque is a very exciting and proud moment for you, but with that comes the pressure of responsibility; the urge to spend, and a hazy idea of what to do with the idle money. There will be a lot of questions about the money lying in your bank. What to do with it? Where should I start investing? And so on. However, before beginning it’s important to have financial literacy and to know what to do with your money from the day you get your 1st paycheque regardless of the amount.
Most of us may give our first salary to our parents or to someone we look up to but after giving some amount to them what to do next? That’s exactly what you need to know from a financial planner. Saving and investing are as important as making money. What you do with your money today will determine your tomorrow, whether it goes up or down. There is no right age or the right amount of money for you to start saving and investing. It’s not reasonable to think “I’ll save and invest when I make more money” whatever amount you have is worth saving for your better future. We all have heard this before each drop makes an ocean; just like that, every rupee will bring you closer to being rich/wealthy. Manage your money like a pro!
We often find ourselves making an impulse purchase without considering our bank balance and later cold comforting ourselves by saying “I want to live for myself” or “I live in the moment and planning is not my style” all this might sound cool for the time being but extravagant spending without future thought is only a rash and reckless move. It’s very important to plan as per your financial position.
The only way of doing it is ‘Financial Planning’. A good financial plan will ensure that you earn and save without giving up the good life.
The first step toward a good financial plan usually begins with something called ‘budgeting’.
After receiving our paycheck we must pay our bills and then our fixed expenses, after that, we plan for our goals. Once, this is done whatever is left is used for ourselves. To shorten the curve to learn about financial planning, you can always hire a financial advisor to get to know everything that there is to know about your finances. Understand the basics of your finances and later do your own research and see what fits the best for you and your family. This will ensure that your today, as well as your future, is stable. Ask all your doubts and concerns to your financial advisor they’ll help you with everything you need. This is an efficient and easier way of getting to know your finances deeply and mindfully using money.
With your first paycheque, you may be tempted to treat yourself, which by the way you should on your success and landing on the job! This was just an idea of what can be done with your first paycheque. Hope this helps and motivates you to take a step toward financial stability.
I have already covered some important steps to take toward building your financial plan in this new financial year and you can check it out here!