You’ve finally landed your first real job. And with that, comes your first real paycheck. This is a monumental occasion and should be celebrated. But what should you do? Should you blow all of your funds on an expensive and wild weekend? Should you buy a new wardrobe? Or should you just pay your bills and save the rest?
The answer to this question depends on your overall financial plan, your budget, and your surplus once you’ve met all of your obligations. An important thing to do once you receive that first check (preferably before) is to establish a plan. It’s OK to splurge a little and celebrate the fact that you are officially a taxpaying, adulting member of society. However, it’s critical that you use this first paycheck to jump-start your journey to financial independence.
Here are some important money moves you should make with your first real paycheck. Read more.