I'm Starting My First Job, What Should I Do With My Salary?

It depends on how much you're earning and how often you are being paid, but probably the most sensible thing to do is open a bank account, if you haven't already got one. Certainly most companies who pay monthly will not pay cash, but expect you to have an account somewhere.

Towards the end of the 20th Century opening a bank account had become very easy but in the past five years there has been a clampdown on the application processes. This is to make it more difficult for people to open up multiple accounts in fraudulent names in order to 'launder' money from criminal or terrorist enterprises.

However, as long as you have documents that prove who you are and that you live where you live, an application to open a bank account isn't too difficult. You will need some proof of your identity, such as a passport or driving licence, and some document that ties you into an address. Usually this will be a utility bill, but if the utilities aren't in your name, then you may have to provide a letter from someone who can vouch for you. If you've recently left college or school, then it could be a letter from that institution.

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Calculate your monthly expenses first and for most, rent, food, bills, car insurance, gas for your car, etc add a bit of extra to the total number of your expenses for the month, then depending on how often you get paid weekly, bi weekly, monthly, bi monthly you calculate how much you make a month, then if there is a decent amount of money left put it into a CD where you can't touch it, save all the left overs in CDs at the bank and that money will continuously grow and when you are ready to buy your own home, get married, or whatever you'll have those CD's to access.

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