It might not necessarily be your first one ever, but there’s something special about receiving your first paycheck from your online job.
After all, before work from home jobs became popular, earning big from the comforts of home seemed like a fantasy. Fast forward to today, and the Philippines is ranked as one of the top remote work hubs in the world.
Also, you get to keep most of your paycheck since you don’t have to commute or have lunch outside anymore. Because of this, it’s very tempting to splurge on online shopping or treating your friends.
However, saving and spending your salary wisely is crucial to your financial security in the long run.
To help you achieve that, here are some things you can do upon receiving your first remote salary.
Budget It
Upon receiving your first remote salary, one of the primary things you should do is make a budget around it. This helps keep track of your spending so you don’t run out of money before your next paycheck.
Additionally, budgeting your salary enables you to form a savings plan that suits your current situation. One recommended plan you should consider is the 50-30-20 rule.
The 50-30-20 rule splits your expenses into three categories: 50% for your basic needs, 30% for your wants, and 20% for savings.
Build an Emergency Fund
Not every day is payday. You need to prepare for unforeseen emergencies.
Thus, besides having a savings fund, you should also use your first remote salary to build an emergency fund. This one gives you a sense of security and readiness for any eventuality.
Wait, what’s the difference between an emergency and a savings fund?
Savings fund a specific goal, like getting a new car or a dream vacation.
On the other hand, emergency funds are for sudden expenses like repairing your computer or medical bills.
Treat Yourself
Although you should prepare for the future, that doesn’t mean you shouldn’t treat yourself a little.
Striking a balance between saving and enjoying your hard-earned money helps boost your mental health and motivation to work.
So don’t hesitate to buy that new game, eat at your favorite restaurant, or spend on your hobbies – so long as you can comfortably afford it.
Treat Your Loved Ones
While you’re at it, don’t forget the people you love.
Treating your friends and family doesn’t need to be big; even a simple meal should do it.
Upgrade Your Remote Workstation
If you still have money to spare, you can invest in your workstation.
Doing so helps you be more productive at work, but where should you start?
Well, it depends on what kind of work you do and the equipment you need.
Let’s say you’re working in an online design job, and your drawing tablet is starting to give.
If you want to continue working efficiently, you’d want to get a new one as soon as possible. You could also upgrade the specs of your computer/laptop to keep up with the demands of your job.
You can also invest in a new chair while you’re at it.
Get Better Internet
Having good internet is vital in an online work from home setup.
That said, although internet connectivity has steadily improved in the country, many areas still suffer from frequent connection loss – or have none at all.
Thus, one of the first things you should do upon receiving your remote salary is to upgrade your connection or purchase a pocket WiFi.
Doing so helps you stay productive – even amidst connectivity issues.
There’s No Better Day Than Payday!
Whether in the office or remote setup, receiving your first salary is always a joyous experience.
However, don’t get too carried away with celebrating that you neglect your essentials and future savings.
Fortunately, by following the tips above, you can spend your first remote salary wisely while still enjoying the most of it.
That said, are you still looking for your first remote paycheck?
Don’t worry. Remote Staff is here to help.
Our jobs list contains plenty of available positions for you to apply for, ranging from online transcription jobs to online architecture and engineering ones.
So, what are you waiting for? Sign up here. Good luck!
