Earning your first salary is an important milestone for all young professionals, but how you manage that salary is even more important – especially considering the economic headwinds faccing South Africans in 2023.
Earning your first salary can be a proud moment for many, but without proper financial management, it can also easily run out before the next payday.
According to data from First National Bank , the country’s average middle-income earners spend up to 80% of their salary within five days of getting paid. “It’s important to educate people from a very young age about the pitfalls of credit agreements and for them to adopt healthy money habits early on – from their very first salary,” she said.
Once you start earning a salary, you become susceptible to institutions trying to offer you credit which can be very tempting. “When budgeting, you know exactly where all your money is going, and also how to save effectively and leave enough money for unexpected expenses and emergencies,” she said.as a savings strategy and an easy guideline for planning your budget.
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