Getting your first ever job is an incredible milestone. It marks your entry into the working work and, what some might argue is the bigger milestone, your first paycheck. But once the excitement and nerves fade away, it can feel quite daunting. Now that you’ll be earning your own money, should you spend it all? Or should you start saving? Who should you turn to for financial advice or help? Here are some ideas to consider:

1. Get professional financial advice

With most new experiences, and when you’re just starting out, there can be a big learning curve - it can be difficult to know what your financial future will hold. That’s why speaking to a professional might help to provide a clearer picture of the path ahead. Professional and accredited financial advisors receive extensive training and can provide the best financial guidance, based on your financial circumstances, goals and life stage. Your employer may even be able to recommend an advisor for you.

2. Buy or upgrade your car

Okay, so you may have overestimated how far your first paycheck would go. You may not be able to buy that brand new car after all. If you’ve been wanting your own set of wheels or wanting to upgrade from your grandmother’s 20-year-old car for ages, now’s the time to start your research. Speak to your bank about applying for vehicle financing, find out the terms and interest rates for your circumstances. Once you’ve done your research and calculations, you’ll have a better idea of much you’d need to be saving.

3. Think about retirement

The power of compound interest is something you’ll want to understand now, as you start your career. It’s an important concept for any saving, but saving just a little bit each month for your retirement is the best way to get in the habit. It might seem like retirement is far, far, far away but future you will thank yourself later.

There are different ways to save for retirement, such as retirement vehicles which include a pension fund, or a provident fund provided by your employer or retirement annuity fund. A financial advisor will take you through your options and or the additional options that you can consider when looking at saving for retirement and help you make the best choice for your needs and goals.

4. Have some fun

We know this was probably first on your list, but now that you’ve gotten the responsible stuff out of the way, you’re free to spend on something fun. This could be buying tickets to that music concert, going away for a weekend with friends, or getting yourself that jacket you’ve been eyeing out for weeks. Don’t forget to celebrate your new job and treat yourself, even if it’s a little something.

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