Getting your first paycheck is always an exciting moment — it’s your first step towards financial freedom. While it is a cause for celebration and it can be tempting to splurge and reward yourself, hold your horses. Learning how to make the best of your first paycheck can pave the way for a lifetime of successful money management. Here are 5 tips to maximise your first salary.

1.   Clear or reduce debt

Adulting is never easy — you may have student loans to repay, and the bills you have to pay every month will only keep increasing. Not all debts are created equal. From mortgages to credit cards to student loans, there are good debts and bad ones. Good debt allows you to improve your life, while bad debt can create a never ending spiral. During your first job, chances are that you have your student loan to pay off, and this may take a few years to do so....