Your first salary: a simple money plan
Got your first job? Set up five things in the first month and every later payday gets easier.
The five things to do in month one
- Know your take-home: check the first payslip — basic, allowances, PF and tax deducted.
Fix your monthly costs: rent, travel, food, phone, any EMI. Put them into the salary budget calculator.
Start an emergency fund — even ₹2,000 a month — toward a few months of costs (size it here).
Start a small SIP on the day after salary day, so saving happens first (see what it grows to).
- Track where the rest goes for one month. Most people are surprised by food delivery and small UPI payments.
Your first credit card
Pay the full statement balance by the due date every month and a card costs nothing. Pay only the minimum and interest of about 2.5–3.75% a month (plus GST) starts — the credit card payment calculator shows how fast that adds up. How a card bill works.
Mistakes that are easy to avoid
- Taking an EMI for a phone or gadget in the first months, before you know your real monthly costs.
- Treating the whole bank balance as spending money when rent and bills are still due.
- Not saving until “later” — starting small now beats starting big in five years.
Spendly works this out every morning from your real accounts, bills, EMIs and pay day — and shows it per day.
See my Safe to Spend →Questions
How much should I save from my first salary?
Whatever you can sustain — 10–20% of take-home is a common start. Build an emergency fund first, then a SIP.
Should I get a credit card with my first job?
It can help build a credit history if you pay the full bill every month. If that is unlikely, wait.
Do I need to file an income tax return?
If your income is above the basic exemption limit, or tax was deducted and you want a refund, you will need to file. Check the Income Tax Department’s website for the current rules.
How can Spendly help in the first month?
Add your salary and pay day, your bank and card, and Spendly shows what is safe to spend each day until the next salary.