Taking A Holiday With Your First Salary 

Starting your first high-scale job after receiving your degree is one of the best feelings in the world. Getting that first official paycheck is exciting and motivating. However, with greater fiscal opportunity comes greater fiscal responsibility. Don’t blow all your money at once! Sure, you want to travel and see the world. But remember to adopt a sensible financial outlook and cultivate a lifestyle that encourages you to look ahead to future goals. Then you can happily watch your dreams turn into reality! It’s all about planning, and that starts with getting your routines in order.

Keep a Cap on Spending that First Salary by Sticking to Your Budget

Your first salary can vanish in the blink of an eye if you aren’t careful about how you spend it. If you consistently overspend, you will not be able to enjoy travelling while you are young and full of vitality. This alone is a good reason to decide to come up with a small budget and to stick to it. Your money in excess of your budget should be put in your savings account for long-term plans such as future security and luxurious holidays. You can live on a small, manageable budget by focussing on a good, reasonably priced residential location and cutting down on your daily expenses.

As you’ve only just started earning a decent paycheck, you’ll want to live in the best neighbourhood amongst top-class people and facilities. Unfortunately, this means that you will need to spend more money than is necessary. This is why you should look to satisfy your wishes by looking at a “second best” neighbourhood that costs comparatively less overall. It follows that the products and services offered within such an area will also be comparatively cheaper. Moreover, if you are close to public transportation and do not own a car, make sure you let your real estate agent, landlord or employer know. An unused car space can be rented out and may allow you to earn or save a little money on the side. You may even be able to get a rent reduction. Your employer will appreciate it as well because they’ll be able to offer your parking space to their employees.

You can learn to save money by establishing some smart habits. Cultivate an interest in cooking rather than eating out at restaurants. Use the internet or TV food channels to convert to a “foodie” lifestyle. Explore various ingredients and start cooking interesting exotic dishes. If you still want to eat out occasionally, take note of the times when certain restaurants offer combo/value meals. You’ll be able to find more food for less money if you adhere to their schedule. Try to avoid eating dinner out because that is when most restaurants charge their highest prices. Instead of going shopping all the time, start having social gatherings like swap parties. You will get to socialise and trade products and clothing. Try to take advantage of free events as much as you can. Simple activities like picnics, visiting an art gallery or going to the beach can be fun and cost-free.

You should carefully examine your bills and payments to keep tabs on your monthly expenditures. Try contacting your internet provider to switch to a more cost-effective plan. You can also contact your credit card company to change to a different account type so that your interest rate is lower. You can control your money flow by setting up automated payment methods and carrying limited cash with you.

Related: 6 Financial Planning Actions To Take Today

Keep a Cap on Spending that First Salary using Employee Benefits

Some organisations now offer employees paid holidays officially known as “Paid Time Off” (PTO). Still, companies rarely allow paid vacation days to roll over to the following year if they remain unused. Although the number of days issued to an employee varies, you must remain vigilant and take full advantage of it. One clever way of using this benefit is to schedule some of your paid vacation days adjacent to the customary bank holidays. Additionally, if you are lucky enough to be able to include a weekend or two, your holiday will last longer. This will allow you to take an extended holiday and thereby travel on a long trip to any destination of your choice.

Also, if your job requires travelling, you can utilise your PTOs since you’ll already be at an exciting destination. Adding just one or two PTO days to your business stay will be enjoyable. If you do not get this opportunity, try to convince your boss to transfer you for a few months to an international branch. That way you’ll be able to explore another country for a short period. Make sure that you use all your PTOs if they do not roll over to the following year. Some people mistakenly believe that not using them all makes them appear more productive to their bosses. This is a misconception so do take advantage of what you are rightfully entitled to!

Taking a Holiday on that First Salary through Strategic Planning

It is always a clever idea to book a flight at night. This will give you one extra day of holiday. The perfect time to leave is a night before the start of a weekend. There are other tactics to get you more free time. If your employer allows flexible working hours during scorching summer days, make use of it.

The office might reduce your working days or perhaps decrease your working hours. They might even allow you to take a break on a particular day if you’ve worked longer hours the previous day or week. Find out about their policy and use it to increase your summer holiday time.

 

Read: Budget Hacks to Boost Your Savings and Improve Your Life

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C.E.O @ The New Savvy
Anna Haotanto is passionate about finance, education, women empowerment and children’s issues. Anna has been featured in CNBC, Forbes, The Straits Times, Business Insider, INC and The Peak Singapore. She was nominated and selected for FORTUNE Most Powerful Women conference in 2016 (Asia) and 2015 (San Francisco, Next Gen). Anna has 10 years of experience in the financial sector and is currently a Director in Tera Capital. Her previous work experience includes positions at Citigroup, United Overseas Bank, a regional role in Business Monitor and a boutique private equity firm based in Shanghai. She graduated from Singapore Management University (Finance and Quantitative Finance).