💰First salary goals🤔💭 Expensive champagne🍾 downpayment on a car🚗 or flowers for your mom?💐 Here are 4 helpful tips on spending your first salary. MoneyMatters FinancialTips NewBeginnings TheCitizenNews
Earning your first salary is a memorable and exciting time. For as long as you can remember you were planning how to spend that first pay cheque. A down payment on a car, dinner at a fancy restaurant for you and a partner, flowers for your mom.
“Now more than ever, young South Africans need to manage their finances as best as they possibly can and know exactly where their hard-earned money is going. Times are tough and there is just no reprieve on the way,” says Charnel Collins, CEO at National Debt Advisors .According to 2022 data from First National Bank , the country’s average middle-income earners spend up to 80% of their salaries within five days of getting paid.
While a well-managed credit card can be a useful financial tool, without the proper financial knowledge it can quickly get out of control, she cautions.Budgeting is also an important habit to learn early on and is a good way of taking financial control to see where adjustments can be made to save even the smallest of amounts. When you budget, you know exactly where all your money is going and how to save effectively and leave enough money for unexpected expenses and emergencies, she says.
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