Money Skills Hub

Smart Moves for Your First Wage

Congratulations! You’ve earned your first wage - that’s a big milestone. Now’s the perfect time to start making smart financial decisions that can set you up for long-term success. In this guide, we’ll walk you through five essential money moves: saving, budgeting, emergency funds, spending wisely, and pensions.

Pay Yourself First

It's important to make saving a habit, not an afterthought.

Before you spend a penny, set aside a portion of your income - just like it’s a bill you have to pay. This is called “paying yourself first.”

  • Aim to save 10-20% of every wage
  • Set up automatic transfers to a separate savings account
  • Treat savings as non-negotiable - like rent or your phone bill

Why it matters? Because consistent saving builds financial freedom and gives you peace of mind.

Build an Emergency Fund

An emergency fund is your financial safety net. It’s money set aside for surprise expenses - like car repairs or job changes.

  1. Start with £500-£1,000
  2. Work toward saving 3-6 months of living expenses
  3. Keep it in an easy-access savings account, separate from your main spending account

This fund helps you stay calm and in control when life throws curveballs.

Create a Simple Budget

Budgeting doesn’t have to be complicated. It’s just a plan for your money. You could track your income and spending using apps or spreadsheets.

There are loads of different ways you can budget. One popular method is the 50/30/20 rule: 50% for needs, 30% for wants, 20% for savings and debt repayment.

Don't forget to adjust your budget based on your lifestyle and goals. Budgeting helps you stay in control and avoid overspending.

Need a guide?

Our friends at Talk About Money have put together a super simple guide to help you take your first steps into budgeting.

FIND OUT MORE

Be Smart with Spending

It’s tempting to spend more as you earn more - but that’s a trap called lifestyle inflation. Instead, be mindful:

  • Cut unnecessary expenses
  • Use cash or debit to avoid credit debt
  • Ask yourself: “Do I really need this?”

Mindful spending means your money goes toward what truly matters to you.

Start Thinking About Pensions

Retirement might seem far away - but it pays to start now. A pension is money you save for retirement. The earlier you start, the more you benefit from compound growth.

  • Join your workplace pension scheme
  • Don’t opt out of auto-enrolment unless you have a solid reason
  • Even small contributions now can grow into something big later

Future you will thank present you.

Take One Small Step Today

Managing money isn’t about being perfect - it’s about being intentional. Whether you’re saving a little, setting up your first budget, or just thinking about your future, every step counts.

So, what’s one thing you can do today? Maybe it’s opening a savings account, setting a spending limit, or asking about your workplace pension. Whatever it is, start small and stay curious.

DISCOVER MORE TIPS