Posted by There are plenty of exciting things that go along with getting a new job. New coworkers, new schedules and perhaps most importantly some extra income that can lead to exciting new opportunities.
It’s easy to blow through those first couple paychecks with a newfound sense of both financial independence and social autonomy, especially if you are younger and just graduating from university. However, there are some common purchases that are made when cashing those paychecks for many entering the workforce.
Whether you decide to pursue the responsible path and begin investing in the future or spend more spontaneously and purchase popular commodities, the options are endless. Take a look at the six most popular purchases people make with their first paychecks to gain some inspiration for your own spending.
Savings Account
Saving money is one of the smartest decisions you can make at any age. No matter where you start, putting money away for the future allows for more freedom to do desired activities.
People’s goals vary; some choose to begin saving early for retirement while others use their earnings to travel or purchase a home. Choose a cause that closely aligns to your goals and you’ll have enough money saved up in no time at all! If you’re more inclined to save, there’s a lot of amazing tips to make sure you stay financially savvy.
Brand New Furniture
It’s likely that when someone gets their first job, they also get their own place to live for the first time. In this case, furnishing a newly leased apartment may be at the top of their list. Luckily, there are options out there for purchasing discounted furniture.
Perhaps most importantly when beginning a new job is getting a good night’s sleep. In order to remain focused at work, get restful sleep from a new mattress that is the right firmness level for you. Keep things affordable by trying out a bed in a box alternative. You may even sleep better knowing you saved a couple of ringgits!
Plane Ticket
Travelling over the weekend can be a special way to relieve stress. Essentially, you’re buying much more than a plane ticket when you vacation to interesting places. Creating new memories help make time off more meaningful and you’ll have plenty of stories to bring back to the office.
Don’t forget, there are also other ways to travel. Buy a bus ticket, hop a ride on a ferry or simply head to the nearest nature preserve for relaxing sightseeing to keep costs at a minimum without sacrificing gratification.
Transportation
Now that you have a new job, you have to be able to get there! Public transportation is a great way to get around, but sometimes it’s not easily accessible. Bikes or scooters can help make getting to local spots and transportation hubs around town a lot easier.
If you’re unable to travel by public transportation or prefer moving at your own pace, newly available funds can constitute the purchase of a new vehicle. Having your own car can also help you earn extra cash with ridesharing. If you’re looking for a side hustle, this may be the route to go!
Upgraded Electronics
Upgraded electronics can aid in productivity and job performance. However, too much distracting time on cell phones or laptops can impact your work ethic. Stay on track with helpful productivity apps that ensure you’re using your time wisely.
Cooking Utensils
Cooking is a skill that everyone learns at their own pace. For many, culinary expertise begins to flourish when they begin living on their own. Young adults entering the workforce may need to purchase enough cooking wares to stock a small kitchen and begin developing a taste for homemade food.
The upside? Cooking at home helps people save money in the long run. Before long, the bills you stocked up from equipping your kitchen will pay for themselves instead of ordering out to eat every night.
What do you buy with your first paycheck? Leave your thoughts at the comment sections down below. Be sure to share below, and check out our resource for leaders who are looking for other ways to shape their company culture.