I’ve just recieved my first pay from a new job and I’m trying to figure out what to do with it. Not as in “what should I blow it on?”. More as in “what do I feel I should use my money for in general?”.
In my cultural background there is a feeling that what you do with money you first receive (after not having money for a while) communicates who you are and dictates your future directions in both finances and life in general. So you should try to do something good with it. Although I don’t really believe in the spiritual side of this custom, I do think it is based on something of merit. What I spend this money on will communicate (to some degree) what I’m about; Not only to others, but also to myself. It could also provide a vague peek into my future (via reasonably deduction).
Here’s an example. Let’s say that I blow my first pay on video-games (something that only I benefit from). You could infer that at some level I may always be wanting for money (because I spend all that I have on “frivilous” things as soon as I get it). It also communicates that I’m a selfish git, and reflects poorly on me and my family (who presumeably raised me to be this way). Another example: Maybe I could save it, but does that mean I’ll end up miserly? Is it right to hold onto money in case of future hardship even though there are so many people who need it right now? Final example: Obviously going straight to the casino is a bad sign!
Anyhow, (long-story-short) I’ve pretty much decided to donate a reasonable amount of my first pay to various organisations, give some to my family, spend a bit on Heidi and myself, reinvest some into my business ventures, and then put the rest into a new bank account. (I’ll have to wait for my second pay day before buying those games…)
So what would you do with your first pay?