First salaries are, unarguably, special. Granted, it's your first job that is always counted as the primary milestone, but it isn’t until the first paycheck arrives that you feel as if your hard work and dedication paid off, literally. Your account doesn’t look like it’s starving and wasting away, and you can actually spend money on the things that you were only bookmarking up until now. Here are 9 things that you should definitely spend your first salary on:
1. A Netflix Subscription
People who moved to a new city for their jobs and are living on their own will agree: Netflix is the best friend anyone can ask for. For a minimal monthly fee, you can gain access to thousands of movies and TV shows. And dinner doesn’t sound so bad when it’s a date with your favorite actor, right?
2. A Good Formal Suit
It doesn't matter if you're a guy or a girl, investing in a chic formal suit with your first salary is one of the best decisions that you can make. Not only will it go a long way in making you look sharp, it will also be a nice transition from your college fashion days.
3. The Coveted Collectible
Had your eye on that rare Star Wars action figure for a while now? Or that absolutely gorgeous line of makeup from your favorite brand? Don’t wait. Now that you’ve received your first paycheck, go on and add another notch to your post (or shelf).
4. A Trip
Let’s be clear: taking a long leave when you’ve only been on the job for a month is not advisable, but that doesn’t mean that you can’t invest in exploring. Pick out nearby spots that you can visit over the weekend, and pack your bags!
5. A Gift For Your Parents
Now that you’ve finally started supporting yourself (well, technically, but let’s not tell mom about the state of your room yet), it’s time to let your parents kick back and relax. Get your mom that saree she's had her eye on for a while, or your dad that absolutely beautiful watch. The joy on their faces will be worth it.
6. Raid Your Favorite Store
If you’ve been waiting to stock your wardrobe with the latest collection, now is the time. Invade your favorite stores and walk out with more bags than you can handle! Don’t get carried away, though. There’s still a whole month’s worth of bills to be paid.
7. Rent Your Own Apartment
For those free birds who are still living at home and in need of their own abode, renting an apartment with your first pay is a great option. It will help you strike out on your own, and even pave the way for you to eventually buy your own place.
8. Upgrade Your Tech
Now that you’re not dependent on your parents for an allowance, you can consider replacing that old laptop or phone with a newer one. Take care, however, that this indulgence doesn’t throw your monthly budget out of balance. If you’re not confident, wait for a few months until you have enough funds.
9. Start Investing ASAP
We know what you’re thinking. ‘Investing already? But I’ve only just started earning!’ But the truth is that funds are a two-way commodity. If you have an inflow, there will be an outflow. That’s why the best time to invest in a 'Good EMI' is now. It will help you put away a few grand each month to make your life easier without letting you worry about savings all the time.
Your first paycheck is one of the most important chapters of your adult life. While we advise and advocate splurging some part of your first pay, it is also never too early to start planning for your future. So go out and live it up, but keep part of your salary as an investment for a rainy day and other long-term life goals like retirement, marriage and buying a house.
That’s exactly what Franklin Templeton’s Systematic Investment Plan, or SIP, is about. SIP is like a 'Good EMI' that allows you to invest a part of your monthly pay into a Mutual Fund, so you can secure your future financially. Learn more about this #GoodEMI here.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.