Congratulations on landing your first job and receiving your first salary! It is a big deal indeed and momentous enough that you should celebrate. While being responsible and planning ahead is essential, it is your first salary and the beginning of more such paychecks to come! So what are your plans to spend your first salary? And if you don’t have a few already, we are here to help. We have put together seven interesting ideas to make the most of your hard-earned money!
Celebrate yourself!
You have earned it and deserve to treat yourself to something you have longed for. How about the Floret Cutout Gold Band or the Silvia Love Knot Diamond Ring? You don’t have to stick with rings but can go for stunning earrings like the Blossom Miracle Plate Gemstone Stud Earrings or brilliant bracelets like the Lilla Sparkle Spot Diamond Bracelet.
Gifts for your parents
It s a given that your parents have been with you throughout your journey and deserve acknowledgement. Wouldn’t you want to show them what it has meant to have them supporting and encouraging you? Your Mom will be touched when you give her the Symmetric Ornate Gemstone Pendant, and your Dad will be so proud to receive the Paris Platinum Band For Men!
If you budget carefully and spend wisely, you can accomplish the above without emptying your salary account as soon as your check hits the bank! People will caution you and advise you on what you should do with your money. While their suggestions may not be as exciting as buying jewellery, they must be kept in mind.
While jewellery as gifts for yourself or your loved ones will probably be some of the first things you do on your first salary, you could also spend a portion of it towards taking your best friend out for a meal. However, a little planning beforehand will set you on track to fiscal responsibility. So here are a few more ideas on how to make the money count.
Start a Systematic Investment Plan (SIP)
SIP is a simple and hassle-free investment option to invest a fixed sum of money, say every month, into mutual or exchange-traded funds (ETFs). By starting early, you give yourself more time to let your money grow through the power of compounding. The longer the investment, the more time for your money to grow and the greater the benefits of compounding. Furthermore, it instils discipline in your financial life. It helps you develop a savings habit, which is vital for your long-term financial goals.
Start an emergency fund
Emergencies, by definition, can be unpredictable. Having an emergency fund will bring peace of mind. Now that you are earning and don’t have to look to your parents for support, you can put aside some amount towards emergencies. Aim to save at least three months’ expenses in a separate savings account.
Travel fund
If you’ve been dreaming of travel and would like to see the rest of the world little by little, now’s your chance. You can start as you mean to go on by saving travel money from your first salary.
Invest in DigiGold
Investing in digital gold is a relatively new way of owning and investing in gold. Digital gold allows investors to own gold without needing to physically store or transport it, making it an attractive option for those looking to diversify their portfolios or hedge against inflation.
Digital gold is a representation of physical gold stored in secure vaults worldwide, with each unit of digital gold representing a certain amount of physical gold. These units are traded on digital platforms, and investors can buy and sell them just like any other asset. One of the advantages of investing in digital gold is that it offers investors greater liquidity compared to physical gold. Another advantage of investing in digital gold is that it offers investors greater transparency than physical gold.
Invest in your education.
Consider using your first salary to further your education, whether taking a class or earning a certification. Investing in your education can increase your earning potential and career opportunities. It will feel wonderful to fund your own education from your salary.
We have given you seven ideas on what you can do with your first salary. You can pick the ones that work for you best while always remembering that planning and budgeting are keys to financial success.
Receiving your first salary is a huge milestone in your life, and planning carefully on what you wish to do with it is essential. While there are several ways to make the most of your hard-earned money, such as saving for your future, investing in stocks or mutual funds, etc., treating yourself to something you’ve always wanted must also be a factor! So, take at least a portion of it to CaratLane and celebrate your achievement! Remember, giving yourself a gift is the pat on the back you deserve. Even better, buying gold will combine indulgence with investment!
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