Qatar Qatar

My first earnings from my work – Shamir’s goosebump moment

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Shamir: “Hello, I am from Qatar. My special goosebump moment is about my first salary when I was seven years old. I saved a little pocket money so I was thinking about what to do with this money so I could double it. So, I had an idea to buy some chocolates and candies and sell them to my cousins and school mates also. So, I made almost 100$ with that. I was very happy with my first earnings and first profit as well. My happiness increased almost double when I bought a gift for my mother with my earnings. This was a very special and goosebump moment for me.”

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The satisfaction of saving to reach our goals

Our first salary not only means a great deal of excitement, but also represents an opportunity to plan with clear goals about what we want in the future.

We all have short-, medium- and long-term objectives that bring us greater well-being, satisfaction and motivate our personal growth. Studying, traveling, going to the gym, or simply buying something we need or want, are enough reasons to think about saving as a path towards those goals.

Having saving goals helps us to be consistent with the money we set aside each month, as well as to be clear about the amount accumulated for certain projects.

First salary: how to get the most out of it

The first salary is synonymous with joy and satisfaction. However, it is important to manage it correctly from day one so that it always pays off.

Getting your first salary is a milestone that marks a before and after in your life. We feel like we can buy anything, have everyone over for dinner and spend every penny. However, the satisfaction of the first salary does not come from running out of money, but from knowing how to organize well to make the most of it.

Prioritize fixed expenses: regardless of whether our initial salary is big or small, with good administration we will be able to do many things. The important thing is to know which are the needs and obligations that we must pay. It is important that we organize ourselves so as not to run out of money before our second paycheck arrives.

Save from the first paycheck: having a saving cushion or emergency fund is necessary for several reasons. First, because we never know if something unexpected will happen that will require us to make unthinkable expenses. Second, because saving will allow us to achieve important goals we may have, such as buying a car, taking a trip, or taking a professional training course.

Do not get into debt from day one: wanting to have what you always wanted quickly can be the mistake that leads you to make bad financial decisions. You should know that work is the bridge that brings you closer to achieving your goals.

What are the advantages of saving money?

People who save with discipline from a young age can aspire to a better financial future. Wealth accumulates over the years; money has a long-term multiplier effect.

Although saving requires short-term sacrifices, after several years of savings combined with investments and the effect of compound interest, we can enjoy better financial conditions in the future.

We must determine which goals are measurable and achievable so that a person can set saving objectives in a much simpler and more realistic way. One of the main advantages of saving is that it allows us to carry out many of our plans and achieve our goals if they are realistic.

People who have a financial cushion or emergency fund have a higher level of self-confidence. Saving goes beyond filling our pockets.

We all know that financial institutions offer many purchase and payment options, also known as loans. However, one of the great advantages of saving is that we can pay with cash and we don’t have to go into debt to achieve our goals.

Our savings will also help us to eliminate any debts we may have incurred. But if we have the good habit of saving, on many occasions it will not be necessary to contract debts.

More about our first earnings from our work:

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