A good start with money
Your first salary is a proud moment. It is also the best time to build money habits that will serve you for life. You do not need to be an expert. You just need a plan and a little discipline.
Use a bank account in your own name
Your salary will usually be paid into a bank account. Keep your account details and KYC up to date, and make sure the mobile number linked to your account is one you use. If you use mobile or internet banking, download your bank’s app only from an official app store or the bank’s official website.
Understand your payslip
Your payslip shows your gross pay, any deductions and your net, or take-home, pay. Deductions may include contributions to the Provident Fund (PF) or Employees’ State Insurance (ESI), where these apply. If you have a PF account, keep your Universal Account Number (UAN) safe. Check your payslip every month, and ask your HR team if something looks wrong.
Make a simple budget
- Write down your monthly take-home pay.
- List fixed expenses such as rent, travel, food, your phone and any money you send home.
- Track everything else you spend for a month, in a notebook or on your phone.
- Separate needs from wants, and decide where you can cut back.
Save first
On salary day, move a fixed amount into savings before you spend anything else. Start small if you need to. The habit matters more than the amount. Over time, build an emergency fund that could cover a few months of essential expenses.
Borrow carefully
Avoid borrowing for things you want but do not need. If you must borrow, use banks or lenders regulated by the Reserve Bank of India, read the terms carefully, and be wary of instant loan apps that ask for access to your contacts and photos. Be suspicious of anyone who promises guaranteed high returns. It is very likely a scam.
Keep your UPI and bank account safe
- Never share your OTP, UPI PIN, card details or passwords with anyone, even someone who says they are from your bank.
- You never need to enter your UPI PIN to receive money.
- Do not scan QR codes sent by strangers to “receive” a payment.
- Check the name of the person or business before you confirm a payment.
- Find customer care numbers only on official websites or apps, not in search results or messages.
- Do not install screen-sharing apps at a stranger’s request.
If you are cheated, inform your bank immediately and report it by calling the cybercrime helpline 1930 or at cybercrime.gov.in.
Next steps
Learn to recognise fraud in How to Spot Fake Job Offers, and get ready for work with Your First Day at Work.