Have you ever been in a situation where you're about to run out of funds just after two weeks getting your paycheck? If the talk is "yes" then you might be trying to find answers to these questions: "Where did my money go?" "What have I done with it?" "What did I spend on it yesterday or the day before?" It's like the questions never end when you're trying to frame out where your money has gone. By the time you perceive it's gone, it might be too late because you're not getting it back.
Believe me, I have been in that situation many times in my early days of working. Getting my first employMent was one of the most extraordinary achieveMent in my life. However, I wasn't educated well when it comes to managing my finances in those days. I didn't get paid much but my expenses were a slight over than my salary. A lot of things contributed to that. Firstly, getting wages for the first time was like a cultural shock to me. I no longer depended on my parents to keep me financially. I idea I could do what I wanted with my pay along with pampering myself with stuff I had never owned in my life.
Personal Finance
Secondly, being a kind person, I wanted to help my parents pay their bills and get them some new furniture. I ended up having to buy the furniture on credit. It was painful but I paid it back finally without any problems. Thirdly, I spent a quarter of my pay on bus fare each month. Being a fresh graduate from a society college, I couldn't afford my own car. I had to take two buses in order for me to get to work. In the evening, I took an additional one two buses to get home from work.
What a life! seeing back, I never regretted having to keep my family or spending on something that I had never owned before because it was all worth it. I could have chosen to spend my money on friends, drinks or clubbing but I chose to spend it for a good cause.
Today, I have grown wiser in the field of managing personal finances. My husband is the only one working right now and we have three mortgages to pay. We have cut down some of our controllable expenses like eating out, going to the movies and weekend getaways. I give high priority to paying bills, mortgages and buying Food before spending money on something else. If there's extra funds then we could use it to treat the children to movies once in a while.
Personal Finance - First Paycheck
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