Getting your first paycheck is something to remember. For most, we can’t forget how that crisp check felt in our hands when we first held it. It doesn’t take long before the disappointment sets in as we see taxes, retirement CPF deductions, and other expenses work out what we bring home.
To others, you’ve been amazed at how much you’ve made and imagined a dozen ways to spend it all in one evening. Whatever the case, let’s not get into the requirements of a nostalgic memory until you’re much older.
Instead, here are some prudent and practical things to do with your first paycheck.
Prioritize debt
Most students in Singapore work while attending school. The last thing to think about is the four years of debt you’ve incurred – especially if you took out an interest-related education loan in Singapore.
Unfortunately, we should really often hear what we don’t want to hear. First, prioritize your debt. The reason is simple. The longer it takes to pay off debt, the more interest you will pay over time.
