Save money or spend money?

Question

What should I do with my paychecks for my first job?

Give me some pros or cons.

I will choose a best anwser.

Thank you.

Answer 1

Save it or spend it.  That is a tough question to answer especially without knowing your current financial situation.  Since you state this is your first job, I can only assume that you are just starting out and may or may not be supporting a family, yourself, etc.  Regardless, I am of the opinion that the only way to answer your question is to educate yourself in order to increase your financial intelligence.  Too many young people get caught up in they hype of that first car that "they paid for" or the first house/apartment that "they paid for" when they should be thinking about the first investment that "they decided on" or the first real estate deal that "they took control of."  

Here is my advice to you.  Make your money work for you!!!!

If saving the money is your style and you are satisfied with a low interest rate that is guaranteed, then go for it.  But your money isn't really working for you.  You could do so much better investing in other things and EDUCATING yourself on the possibilities.  You don't need a lot of money to get started and you would be amazed at how little, if any, you really need.   There are some good ideas at this website.  You might want to check it out.  

http://financial-tips-tools.blogspot.com...

Good luck to you!

Answer 2

SPEND- USE IT ALL HAVE NOTHING FOR AN EMERGENCY OR SOMETHING YOU REALLY WANT TO DO.

SAVE- YOUR MONEY GROWS AND YOUR OPTION TO SPEND INCREASES AND YOU SAVE FOR YOUR FUTURE.

MY OPINION:PUT IT IN THE BANKS FIRST. SAVE. THEN DRAW UP A BUDGET USING YAHOO FINANCE. RESEARCH WAYS TO INVEST AND MAKE YOUR MONEY GROW.

Answer 3

In todays economy and with the way everything is going you should save as much as you can. Draw up a budget list all of your bills, set a little aside to spend for the month (for eating out, clothes, whatever) don't go over this limit, and put the rest into savings. This way you still get to spend some but you will also have a backup if there is an emergancy or something.

Answer 4

Spending is easy.  Saving is hard especially with all of the temptations available.  Learn new habits and save by being a frequent visitor to your bank.

Answer 5

Spend = Use it today, it's gone tomorrow.

Save - It's there tomorrow if you need it.

My advice: Save 1/4, and spend the rest.