Financial Tips to Make Your First Paycheck Count

Dolla’ dolla’ bills y’all 💸

For some of us, summer holidays or uni breaks are spent working in our first job and counting all the money we've suddenly started earning. However, we know (unfortunately from personal experience) it can be hard not to spend your pay check all at once on fun summer activities. Thankfully, we’ve got you covered with our tips on how to budget while still enjoying life. 

We’ve banded together to help you with some tips on how to get the most out of your first pay check.

Set up an automatic savings plan. 

One of the most important things to do when you first get paid is to set up a savings account. This will ensure two things: you’re setting up for the future and, you’re also set up for any random emergencies where you may need to spare some cash. 

Setting up an automatic savings plan means depositing a regular, predetermined transfer from your everyday account into your savings. A small amount every pay day adds up! Plus, savings accounts are a great way to earn money back through high interest rates. 

High interest rates mean getting more money back on interest when you put money into your savings account. 

Check your bank account regularly. 

There’s nothing worse than tapping an Eftpos machine to pay for something, only to be met with a screen that tells you your card has been declined. No one likes the feeling of standing at the register, transferring from their savings to their spending account while people are waiting behind you. You don’t wanna be about to purchase something just to see your balance is in the negative.  

Budget for essentials first. 

Whether you pay rent or you’re going to pay rent in the future, it’s important to learn to budget for essentials first. You can set up automatic payments in your bank app that transfer the funds to things like rent, phone bills or membership/subscription payments. It’s best to pay off essentials as soon as you get paid, so you’re not worried when they’re due.  

Try not to splurge all the time.

We get it, having your first job is fun and exciting. It’s a great learning experience having your own money and it can be easy to splurge on things that you might not need (it’s hard to resist a sweet treat).

Maybe you’re saving for a car, an experience or just trying to build up the savings you have – having a big purchase in mind to budget for can be a great incentive to save rather than constantly spending. Getting your first job and your own money is a big step in becoming an adult and while it can be easy to overspend, keeping on top of things will help you save where you can.

This article does not constitute personal financial advice. Before acting on any information in this article, you should consider your money goals and financial situation to ensure it’s appropriate to you.