Enjoy The 1st Salary Rush, But Don't Blow It All

As the college session comes to an end between April and July, the hiring season begins for fresh graduates or first-time employees. The number of people employed in India jumped by 1 million to 404 million in May 2022, as suggested by data from the Centre for Monitoring Indian Economy. Many of these are, perhaps, first-time employees. Every employee, young and old, is familiar with the rush that receiving the first pay cheque entails. It’s usually a mix of emotion and excitement, and also brings in a sense of achievement. The urge to spend is high, but the truth is that where and how you spend will help lay the foundation for your financial future. “Most middle-class young people who have just entered the job market have an aspirational mindset and, hence, the urge to spend their entire salary to fulfil their desires is high. But if they allocate at least 20 per cent of...