Are you a fresh recruit who is waiting with starry eyes for your first salary? Let us get you started with how to spend your shiny new money in the best ways possible! The wonder of seeing the very first sms from your bank that your salary has been credited is priceless. Sure, it is the start of a lifetime of salary messages but the first time is exhilarating, isn’t it? It is during this time that you need to be aware of splurging. First time earners tend to buy things they regret later. So come, let us discover how to make the most of those precious wads!
Offers
For the ones who are new to the world of corporate salary accounts, be informed about all the different interest rates offered by the banks and decide which one you prefer. Usually these accounts come with numerous offers on their debit cards, so make sure you don’t miss out on those first transaction goodies! Food delivery apps provide offers on your brand new card based on your bank so check them out to enjoy the best of both worlds- good food and slashed prices!
Parents and family
The joy of gifting your family with things bought in your first month’s salary is heartening. It’s finally time to show your gratitude to all the members of the family who bought you stuff all these years. How about a beautiful watch for mom? A new pair of spectacles for dad? A fitness band for your sister or a skating board for your brother? Doesn’t it sound wonderful to be able to gift them with all your love?
Clothes
Whether it is the burgundy jumpsuit you have eyed on Myntra for ages, or the sleek black shirt from Allen Solly that catches your attention every time at the mall, give it a good thought. Some temptations are fleeting, and you might find yourself bored with the luxurious clothes after wearing them a couple of times . Before investing in high fashion, think if you want to buy more clothes of decent brands for the price of a couple of expensive ones. Because there is the rest of your career to earn more and buy high end clothes later on!
Food
Go out and enjoy the cuisine in the city you’ve been posted in. The new-joinee days are wonderful for food and frolic! With so many fresh graduates from different parts of the country flocking together, there is so much to share, learn and explore! Most of the urban cities now have Eat Streets and cozy restaurants operating round the clock. For the fur-lovers there are even dog and cat themed restaurants where you can play with those little balls of bliss to your hearts’ content! There are many fun themed restaurants like Silence themed ones, where you are allowed to talk only through the sign language, or the Rainforest themed ones, or even the creepy cave ones complete with cobwebs!
Shoes and bags
Let’s face it, we are all goners for classy shoes. There’s a phrase from the popular Korean drama ‘Boys over Flowers’, “a good pair of shoes take you to beautiful places.” Invest in a pair of beautiful shoes but remember to keep it less expensive. Leather shoes and bags might look sleek but you can’t use them as often as you’d like. So try to buy things that you’d like to use regularly than once in a while. Remember you always have time to buy branded stuff later in life.
Books and stationery
For the ones who are crazy about books and stationery, you can buy your favorite post-its like Rilakkuma or Iron Man to adorn your cubicle. Some offices allow you to show your artistic tastes with small succulents or your precious sketches. You could buy small handcrafted art pieces as souvenirs when you stay in cities during your training period. In case you’re a bookworm, there are lots of shops where you can buy used books for prices as low as half of the original selling price. There are also plenty of book lending websites where you can register for a nominal price and exchange used books/rent and read books/buy used books!
Fitness
In case you are interested in sculpting your muscles and burning off all that mayo and cheese from the Saturday pizzas, you can invest in a good fitness program offered in a well-equipped gym. Make sure the trainers are properly qualified. For the ones who prefer outdoor sports, there are sports clubs that offer tennis, hockey, football, throwball, kabaddi and more! So go out there and explore all your options to see which you’d prefer!
Health
It is prudent to invest in a health cover policy for your parents. Check if your employer offers you the option to fund your parents' insurance as part of a group cover or lets you enhance the health cover at an additional cost. This is a safe option as corporate routes are less risky and insurers do not deny coverage. Be sure to check if only parents-in-law are covered as per company policy as this seems to be a new trend in many corporate companies.
Savings and expenditure
Now for the boring part – saving your money. While it does seem logical to spend all your money in the first month, because, obviously you’re going to get your salary next month, that’s not a great idea. Try your best not to wipe your account clean by the end of the month. Now it is time as a responsible, earning adult ,to start saving money for fulfilling your future desires. That trip to Italy you’ve always dreamed of? That bike you want to buy using your own money? They’re all dreams no more. With a little bit of time and patience, they can become reality very soon! So come on, let’s go making those dreams come true!