Lessons Learned: The First Paycheck

Ah, the first paycheck. That paycheck was my green flag to spending. That paycheck supported my materialism. That paycheck never had a chance to make it to my savings account. Why? Because I made the classical mistake of spending it all before I paid myself.

I spent a lot of money at IKEA two weeks prior to receiving my first paycheck. That paycheck was handed over to my mom as a repayment of her generous loan. It wasn't the last paycheck that I gave away to someone as a loan repayment. I ended up giving two of my paychecks to my boyfriend. That first month and a half of working in the real world and all I had was some shiny new furniture, a new huge flat screen TV, and a new super fast computer. Was it worth it? Probably not.

I have to defend myself just a bit. My purchases at IKEA were for the most part cheap based on per piece price. Put them together, well, that's just a different story. I bought my bed frame on-sale for $89! It was marked down from the original $279. I bought my bookshelf for $10 when it was originally $49. So I made sure I got a deal on the big items, but I sure failed when it came to the little stuff. I had to have it all. I'm not even going to tell you how much I spent at Target. Let's just say I was shocked when I saw the old receipts.

That huge Samsung 40" TV? I barely used it. My roommate used it more than I did. It was probably used for only 10 hours a week, maybe less. We're not always glued to it. I'm about to move to a new place at the end of May. I'm selling the TV and the stand to my roommate for the going rate on Craigslist. So I ended up paying rent on the TV, which wasn't bad. What I should have done was not buy one and wait for my roommate to do so. I knew my watching habits and I knew I didn't really need a huge TV.

The computer is a sad story. Sad because the only reason I really bought a fast computer was so I can play The Sims 3. I've been a Sims fanatic since they came out with the original The Sims back in 2000. If I didn't need a good computer for the game, I would have bought something cheaper in the $300-$500 range.

What I should have done was save part of my paycheck, pass on the TV, and buy my furniture a bit at a time. Without my enablers (my mom and boyfriend) I wouldn't be able to purchase all these goodies. My credit card limit wasn't that high and I'm glad it isn't. I would be paying off student loans AND credit card debt. Consider this a lesson learned.

Discussion: What did you do with your first paycheck from your first job in the real world? Would you have done something different?