Financially Wise Steps to Make During Your First Job
Now that you have your first job, there are different steps that you can make in order to ensure that you would be setting yourself up for a financially successful life in the future. As someone who did the same thing when I first started earning, these are the few steps that I took in order to have financial independence.
Financially Wise Steps to Make During Your First Job
Living “below” your means
If you are merely living within your means, this indicates that almost nothing goes to your savings. Remember that, yes, it’s not fair that wages are low in the country. However, this means that we have to outsmart the corporate paradox and free ourselves from their enslavement. The only way that we can do this is through having savings. Don’t buy that dress or that coffee, even though it looks good on you or tastes good. Save.
Label your different savings account
Always remember that your money is safer in the bank than it is at home. With the current rate of inflation, while you’re saving money, that money loses its value. The only way to counter inflation is by ensuring that your savings are earning interest. Label your different accounts based on what you plan to use them for since it could also help your overall capacity to monitor your finances.
Setting short-term goals
Without goals, you would not have a definitive direction. This is why setting short-term goals are very ideal for someone who just started earning money. Goals could be “have my first 100k” before I am 25. It could also be moving out of my parents’ house after six months of working.
All of these could ensure financial freedom in the long run especially when you take your goals seriously enough to sacrifice leisure and vice for them. Savings, Investing and Direction. These are the three things that you need in order to pursue a future that is not wasted worrying about money.
