What to do with your first salary of the year

If you are a salary earner, it’s safe to assume you just got paid your first salary after what felt like three months. The Christmas period came with many occasions to go out, give gifts and travel.

Perhaps, you like many others were anticipating your salary and barely survived until it came along, but now that it has come, here’s what you should do with it.

Let the money sit in your account for a while

Debit alerts are about to hit you and begin back-to-back. After paying your debtors, don’t start balling and buying everything you dreamed of: sit back, strategize, admire it and finally plan your financial year and month.

Go and ball

It was a wise man that said, “any money wey I get na to flex”. So, yes, enjoy your salary by doing something fun or get something nice for yourself. You deserve it.

Pay your debts

No, seriously if you borrowed money from someone throughout the harrowing wait for your salary to be paid, it’s time to finally pay them, you don’t want them to call you out online, and then come up with crazy excuses about why you haven't paid. Have some shame and pay up.

Invest 5%

Notice I didn’t say save because really nobody has time for that in this economy. Many savings apps and even banks have a mutual funds plan you can jump on (Try Stanbic IBTC mutual funds). Just dump a negligible amount there. Multiple streams of income is the goal, anyways.

Pay your bills

If you live alone don’t be one of those people who are always late on their utility bills; these bills are usually not much, so pay them up. What’s the use of the money in your account if you don’t have electricity?

Some Christians will advocate paying first fruits and tithes, if your faith can take it, go ahead, but after you've paid your debts and bills of course.