I gave my first salary to my parents but they returned me back and asked me to open a saving account and deposit in it till I have the responsibilities of my own family. :)

Thats really nice.. :) :)
So i hope you did...

Congratulation Asha.

My first job was with Border Roads Organization in 1965. This was field posting. I was entitle to free residence, food and uniform. The starting salary including allowances was Rs. 300/-. I retained only Rs. 30/- and sent Rs 270/- to my parents.

There is some discussion on savings. My suggestion is that continue saving only 10% of your salary every month till the age of sixty years. This will grow to a very big amount then. This helps in old age when income is less.

Let me share this with all of you that I am soon going to join my first job! :) I am very happy and already thinking on how should I use my first salary. :cheer: Tell me how did you spend your first pay cheque or is it still a part of your savings?

Congratulation Asha.

My first job was with Border Roads Organization in 1965. This was field posting. I was entitle to free residence, food and uniform. The starting salary including allowances was Rs. 300/-. I retained only Rs. 30/- and sent Rs 270/- to my parents.

There is some discussion on savings. My suggestion is that continue saving only 10% of your salary every month till the age of sixty years. This will grow to a very big amount then. This helps in old age when income is less.

I think 300 rupees in 1965 is worth more than 5 lakhs of present time. :)

To be frank. I won't consider saving for atleast first 6 months.
Enjoy till you have time. Just do what ever you have wanted to do which you were not able to do just because of the money..
You can save 5-10% if you feel like. But the saving automatically come. So keep spending it... :) :)

I think I am poor with savings though. ;) I have noticed that! let me have some hard earned money in my hands first, may be then I will seriously learn the importance of savings. :lol:

That's exactly what my daughter and son told me that they would blast it away for the first six months and then think of saving and I was wondering what next ?..But when they actually got the salary in hand they became more responsible and did what I did , bought gifts for me ,of course spent it as they wanted but also managed to save a little :)

Friends I just want to know what generally people do when they receive their first salary. What will be the first reaction? How will be spend the money? Will he really spend it or not?