Most Kenyans start making mistakes the moment they get their first salaries. How you are going to spend your first salary is important. Here are five things to do when you get your first salary.
Pay your Helb loan
If you are a beneficiary of Helb loan it is advisable to make a partial payment towards the same with your first salary. Refusing to pay your loan is likely to affect you in various ways.
Determine how much you can save
The best way to secure your future is saving. The earlier you start saving the better. It is advisable to save as much as you can.
Create a budget
Budgeting is among the things you should do when you get your first salary. Ensure that your budget does not go beyond your income.
Invest in viable projects
The easiest and effective way of becoming wealthy is investing. There are various investments that can make wealthier. You can start a small business in town such as salon, Kiosk, cake baking business and hotel among others. If you are a low-income earner, you can contribute with a friend or relative to start a business.
Create an emergency kit
Dealing with emergencies can be very tricky for new employees. It is wise to create an emergency kit as soon as you get your first income.