What should i do with my first paycheck?

Question

hey, im 16 and ill be getting my first pay check from the hospital where i work and its really exciting but i dont know what to use it on? any suggestions? I will be getting a lil over 300.

Answer 1

If there's nothing in particular that you want to buy right away, save all of it in a savings account. Otherwise, make sure you save at least 10-15%...and get into the habit of saving at least 10-15% until you retire. It doesn't hurt to start early.

Answer 2

ONLY since its your first, take 1/2 and open a savings account, then blow the rest on anything!!

Answer 3

Save at least half.  If you are living at home with parents, a gift of appreciation or a donation towards household expenses would be appropriate.

Answer 4

blow it all on strippers!!!

Answer 5

First scan it/take a picture then post it to your blog.

Smart people will tell you to open a savings account and stick it in the bank. Most likely with an APY of less than what inflation is, so it's not going to do anything for you.

You are 16, treat yourself to a nice meal, and buy an iphone.

Answer 6

Put it with your 2nd, 3rd, and part of your 4th paycheck.  Drop that $1000 into a 1-, 3-, or 5-year Certificate of Deposit without anyone else's knowledge and forget about it until you retire.  Then watch your grand-childrens' jaws drop when you withdraw the principal and interest in cash!

Answer 7

open a savings account

Answer 8

I'd save it. ;]

Answer 9

I keep getting ads in the mail for different banks wanting me to open a checking account with them, for example, I'm staring at at a capital one ad offering $125 just to open a checking account if I use direct deposit.

You are too young for a bank to offer credit, but they will issue you a debit card which you can use to order anything you want online and use it to get cash at an ATM.  Just watch out for overdraft fees.  keep a notepad or checkbook register up-to-date with every transaction so you know you aren't going to pull out more than what is there, since checking the balance online or at an ATM isn't always completely up-to-date.