Understand your salary slip and what it means.
There’s nothing quite like your first paycheque. It gives you a sense of freedom, accomplishment and pride. It’s tempting to spend your first paycheque on things you’ve been wanting, but it’s equally important to save for your future. Getting into good habits early will make saving easier in the long run.
Understand Your Payslip:
Get close to your money from the beginning. Know what’s coming in and what the deductions on your pay slip mean. Your pay slip should reflect your gross income (your salary before tax and any deductions) as well as your net income (your salary after deductions). You should do your budget on your net income.
Avoid These Pitfalls:
Don’t be tempted to go on a splurge
It can be tempting to give in to your wants and spend your money without planning or budgeting. When you’re tempted to do this, think about your hourly rate. For example, you earn R70 per hour and you want to buy a dress for R300. If you buy the dress, you’ll be spending five yours of your hard earned money.
Don’t feel pressurised to spend your salary
Now that you earn a salary you may be inundated with calls from credit providers or people who want to sell you stuff. Family or friends may also want money from you. Don’t feel pressurised by anyone to open an account or to buy anything you’re not sure of. Before you agree to anything, do your own research and get advice from someone you trust.