Thursday, February 26, 2015

How to spend your first paycheck

Calling all grads and Millennials and other newbies. You finally got a job--and with it came a paycheck.

You are on your way! This according to Matthew Tarpey, writing on CareerBuilder.

But on your way to where--the bar the celebrate? The casino?

A first instinct is to spend the first money on yourself--you deserve it.

But--please--do not change your lifestyle too fast!

Living beyond your means is very hard to reverse.

Have a plan for that first check. Maybe put aside a small amount to splurge or for a long-desired purchase.

Yes, another paycheck is coming--but this is no excuse to run riot. You need to account for food, shelter, clothes, taxes, insurance, savings.

A very good move is to open a savings account and have 10% put in it automatically.

Save a percentage--not just something like $100. In a few years, that $100 will be a low percentage.

And remember--look at the FICA--Uncle Sugar helped himself to a ton--money doesn't go as far as it used to.

I know--I am a big buzzkill. Listen or not--you will find your way.

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