What to do with my first pay check?

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Save it. At your age and income level, just covering your basic expenses is going to be tough.

Glad you're here.

tarheels123 said:   I will be receiving my first paycheck in a couple of weeks, I'm 19 years old and unlike most of my peers my age I would like to save and invest this money. I plan to move to another state and out my mom's house in July, so it would be nice to have a little more money. What Do you guys think I should do with my first paycheck and future ones. I most definitely will be living with roomates or finding a room share. I work at WalMart and the plan is to transfer to my job up there.

Save money for college and get out of this WalMart job asap.

Buy something, not necessarily costly, but with love, to your parents and brothers or sisters. Money comes and goes but this act of love may bring love and peace for your rest of life.

tarheels123 said:   Oh I'm ready whether I like it or not, if I don't take a risk and make this move now it will just be wasted time. I've been planning since last June. It may sound stupid but I've gotta do this. I work at WalMart, I will be attending Harold Washington City college, I work 4 days a week for 9 hours and getting paid $7.65. Transferring is an option so I will have a job before already in place.

At $7.65/hour, you should just try and survive with that paycheck.

Buy a good camera so you can take employee POV pics of your customers.

Roth IRA, invest it in an aggressive growth fund. DO NOT touch it even if it tanks. You'll be fine, just wait 40-50 years.

tarheels123 said:   I will be receiving my first paycheck in a couple of weeks, I'm 19 years old and unlike most of my peers my age I would like to save and invest this money. I plan to move to another state and out my mom's house in July, so it would be nice to have a little more money. What Do you guys think I should do with my first paycheck and future ones. I most definitely will be living with roomates or finding a room share. I work at WalMart and the plan is to transfer to my job up there.
A lot of people talk about paying yourself first -- saving $x each week. That is how I started out. I actually did better than that -- I saved half of all overtime and half of all raises. I was saving a little money, but I was still spending a lot. A little later, I figured out that I could be trusted to live responsibly. From that moment on, I spent what I needed to and saved the rest. I did this by direct depositing my check and using a credit card (Discover) to pay my way. That is what I suggest you do -- learn to enjoy managing your spending and get excited over your accumulated savings. If you can learn to love saving, you will be fine. The alternative -- running out of money the day before payday because you paid yourself first -- will make you a miserable miser.

Good luck!

double post

half goes to the bank another one goes into fun. Trust me when you are older you are not going to have as much enjoyment from life as when you are young.

OP will need the $ in July. Put the money in the bank. Use the money when you move or keep in cash for emergency needs. Buy a pair of comfortable shoes.

mjoply said:   tajar96 said:   I would add - donate 5-10% to a worthy cause. You are starting out in your next phase of life, it is good to share (whatever you are comfortable at) with the less fortunate. I am a firm believer in paying it forward. Also, put some away in a rainy day fund.

Someone only making 275 does not make enough to donate to anyone, since they themselves aren't that fortunate.


You could say that. Or you could have a perspective that says that simply being born in America makes one quite "fortunate." But that's neither here nor there. Philosophy and generosity aren't the topic at hand!

OP, I'm just a few years older than you (22), and I suggest that you avoid this mindset:

tarheels123 said:   For the time being, work hard and party harder right!

It's rarely a bad thing to mentally mature early... and an underage drinking charge can really be a downer.

unnamedny said:   half goes to the bank another one goes into fun. Trust me when you are older you are not going to have as much enjoyment from life as when you are young.

I really don't get this mindset! I have every intention to continuously be getter more out of life the older I get.. including enjoyment. When did you all stop enjoying life, and why? It seems like something went critically wrong.

BradisBrad said:   unnamedny said:   half goes to the bank another one goes into fun. Trust me when you are older you are not going to have as much enjoyment from life as when you are young.

I really don't get this mindset! I have every intention to continuously be getting more out of life the older I get.. including enjoyment. When did you all stop enjoying life, and why? It seems like something went critically wrong.


When you started hearing medical terms you never heard before. When everything started, and didn't stop, hurting all the time. When you started using prescriptions you swore you'd never use under any circumstances, because of side effects like death and stuff. When you realized that you understand why people would choose assisted suicide...

BradisBrad said:   unnamedny said:   half goes to the bank another one goes into fun. Trust me when you are older you are not going to have as much enjoyment from life as when you are young.

I really don't get this mindset! I have every intention to continuously be getter more out of life the older I get.. including enjoyment. When did you all stop enjoying life, and why? It seems like something went critically wrong.
. Do you really want to move from Iowa, or did you plan on re-enlisting . Apologies for being so snarky, lol.

JaxFL said:   BradisBrad said:   unnamedny said:   half goes to the bank another one goes into fun. Trust me when you are older you are not going to have as much enjoyment from life as when you are young.

I really don't get this mindset! I have every intention to continuously be getter more out of life the older I get.. including enjoyment. When did you all stop enjoying life, and why? It seems like something went critically wrong.
. Do you really want to move from Iowa, or did you plan on re-enlisting . Apologies for being so snarky, lol.


Did you mean "Did you really want to move to Iowa, or did you plan on re-enlisting?"

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Take it and open a checking account with a $150 bonus and you've doubled your money. Not being sarcastic... as said you'll need the money in the short term so investing it isn't viable. It's also not going to be enough to really bother investing right now and the best return you could get is opening a checking account with a cash bonus. Huntington is currently running a no fee checking account $150 bonus with a $100 opening deposit and one $200 DD, 20 debit card purchases. It's what I would do.

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its time to party, invite your best friend and enjoy dude.

Cash it. Ask for three dimes, a hundred dollar bill and 87 ones

So blowing it all on booze, weed and hookers is out?

Haha nice you beat me too it! Seriously at 19 I wish I wouldve taken my first check and blew it all on coke and whores. That is probably the only time in your life its morally defensible. At my age it'd be tough explain to the wife where the syphilis and bloody nose came from.

My point being do it now while your young because your window for being stupid is closing quickly. Besides you have the next 50 or 60 years to save and only about ten more years of your prime left. Do the math and enjoy your youth. You have half a century to make up for it ahead of you after all the fun is over.

Sammich said:   So blowing it all on booze, weed and hookers is out?

Haha nice you beat me too it! Seriously at 19 I wish I wouldve taken my first check and blew it all on coke and whores. That is probably the only time in your life its morally defensible. At my age it'd be tough explain to the wife where the syphilis and bloody nose came from.

My point being do it now while your young because your window for being stupid is closing quickly. Besides you have the next 50 or 60 years to save and only about ten more years of your prime left. Do the math and enjoy your youth. You have half a century to make up for it ahead of you after all the fun is over.


I'm all for the H&B jokes, but to give it as actual advice means you should probably stop giving advice.

atikovi said:   So blowing it all on booze, weed and hookers is out?

He works at WalMart. There is no way a paycheck will buy all of that!

BradisBrad said:   Sammich said:   So blowing it all on booze, weed and hookers is out?

Haha nice you beat me too it! Seriously at 19 I wish I wouldve taken my first check and blew it all on coke and whores. That is probably the only time in your life its morally defensible. At my age it'd be tough explain to the wife where the syphilis and bloody nose came from.

My point being do it now while your young because your window for being stupid is closing quickly. Besides you have the next 50 or 60 years to save and only about ten more years of your prime left. Do the math and enjoy your youth. You have half a century to make up for it ahead of you after all the fun is over.


I'm all for the H&B jokes, but to give it as actual advice means you should probably stop giving advice.

Wait . You mean this was supposed to be a joke all this time ?

And my last twenty years shouldn't have been spent on H&B in various countries ?

Uh oh .



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