The first salary can be spent in many ways, and even if it is not large, it can make the people whose work has just been rewarded dizzy. It seems tempting to spend it on pleasure, but setting financial priorities at the very beginning brings much better results. Employees themselves often mention that the first payment is like a tasty cake that you want to eat whole.
The analogy with the cake is not without justification, because in both cases the effect does not have to impress. However, the statistics confirm that our countrymen are becoming more and more serious about the need to save. Yes, it is still difficult to convince us of long-term financial strategies, but almost 60 percent admit that they put aside a fixed amount every month. Interestingly, the tendency to save is particularly strong in young people. Of course, not every idea is the same good.
Land is not to have debts
Debt problems can occur at a very early age, such as student loans. The fact that even 330,000 people under 31 years of age have problems with the timely payment of their obligations shows how serious the statistical data are. Of course, there is no shortage of those that cannot be repaid in full immediately, but it is necessary to ensure that interest does not rise. Avoidance of debt should therefore be a priority in expenditure planning.
Emergency expenditure fund
Finding a certain amount of money and putting it aside is not easy, but it often turns out that even small amounts put aside for a black hour can be a salvation for us when we realize that our financial standing is not the best. And yet, it may be aggravated by a fine or a breakdown of a car.
Investments for the future
At the age of twenty, it is difficult to think seriously about future retirement, so it is not surprising that young people almost do not postpone their old age. What's more, it often turns out that we don't even know how to start saving. Yet saving for retirement has probably never been as important as it is today, because we have to remember the rapid pace of population ageing and frequent changes in social security systems. It is therefore difficult to argue with people who believe that the sooner we start saving, the better.
If you have any doubts - ask
One of the old rules says that if we do not ask, we will not get an answer. So nothing stands in the way of making an appointment with a financial advisor and asking him about the best way to manage our money. It is always worth to find out what proposals the company that employs us has for us, because sometimes these are discounted price insurance or pension schemes. Even small savings every day can be very profitable.