When it comes to your first paycheck, everyone will tell you to save it, but if you listen to them you won’t get to have any fun!
The key is to save some of your paycheck so you are establishing a good habit, but spend part of it on yourself so you don’t feel like you are working for nothing.
A new piece of jewelry might be a good item to buy. The cutest new piece will symbolize your very first paycheck and that is an important thing to have for the rest of your life.
I bought a ModCloth World Necklace. As a social studies teacher, I felt that it symbolized the start of my career.
But, my first priority is figuring out how to get out of my house and be able to afford a place that doesn’t completely suck. That, however, becomes the bigger challenge.
The first step is to start saving money to get yourself into a new living situation. I am thinking that it is high time for us 20-somethings to start getting our head on straight. We went to college and got that fancy degree, we might as well put it to good use and start moving up in the world.
So how much should you save? The rule of thumb is to have 6-months of living expenses in a savings account for the unthinkable. The goal of many people just starting out is to save as much as possible and ensure that you are able to build up a nest egg quickly.
Figure out what luxuries you can drop from your bills and start learning to pack lunches again because the more you save, the quicker everyone can get out of their parent’s houses and roommate filled apartments.
The goal I shoot for is 50% of my paycheck. That goes straight into my savings account so I can start getting myself ready to move into the next big phase of my life.
My living expenses as of right now are very low, which is wonderful for the time being, but hopefully in the near-ish future I will be able to move out and have a place of my own. (Right now, I am happily installed back in my childhood bedroom at my parent’s house saving money.) But I am working on saving up money to ensure that when I do move out and start paying rent, I have that cushion just in case!
Just remember that you will have all of your life to enjoy your money, but for the first few months, frugality is key! If you are constantly looking to get the latest and greatest, you won’t have any savings when it comes to the items that you didn’t think about at first!