What should I do with my first paycheck.

Question

I am 18 and just received my first paycheck. I want to do the responsible thing and save it but I have been getting constant reminders that I should not hoard it and I should enjoy it.

I have plans for my future. I want to move out of my house and start living my own life which is why I want to save now. I am not superficial and it is hard for me to spend money for recreational purposes. I don’t like waste.

What should I do with my first paycheck?

Answer 1

i have the same problem. you should spend a little on what you want and then save the rest. the problem with me is, there is nothing that i want, but i still want to spend it on something cool.

good luck

Answer 2

First, make a color copy of it and frame it.  It's fun.

Second, deposit it into your bank account.  If you aren't going to spend any of it, put it into your savings account.  You can decide what to do with the money later.  Ignore those telling you to "enoy it."  Tell them you will enjoy it later, when their paychecks are going to credit card companies and bankruptcy attorneys.

Answer 3

Dude this is your first ever paycheck! Go nuts and buy something rad with it! Save the savings plan for later on!

Answer 4

well i agree with john bradley..................but wats one paycheck?! i think u should splurge on this one then save the rest!! shopping!!!!

Answer 5

You should spend some but planning for your future is good. An IRA started now will accumulate into great wealth by retirement.  

Answer 6

Advice:Buy something your parents need, they have reared you over past 18 year...

Answer 7

I agree that you should get a photocopy of the paycheck - will be a source of nostalgia and humor in the future.

Determine a percentage you can save.  Each time you get paid, put that amount in a savings account and the rest in your checking account.  Taking money off the top and putting it in a savings account is called "paying yourself first."  Once you've made your savings deposit, you can spend the rest without being plagued by guilt.