You have just begun earning a salary. How do you make the best use of the money you are making?

Vivina Vishwanathan, writing in Mint this week,shows first-time wage-earners how to make the best use of their salaries. Here is her seven-point list:

• Pay off education loan

• Keep track of expenses

• Study financial products

• Save for small goals

• Buy an insurance plan

• Keep 10% for long term

• Reward yourself 

Each point is explained in detail in the article. Check it out here: "Make the best use of your initial salaries".

PS: If I had had the luck to come upon such a list when I first began working in 1981, I wouldn't have had to wait till I got married in 1984 and my wife took our money matters in hand before I could begin pointing to a reasonable bank balance. Ultimately it is only because of her financial acumen that we were able to put together a decent nest egg.

• ALSO READ: "6 money mistakes to avoid when you've just started working".

• HERE ARE SOME REACTIONS TO THE POST ON FACEBOOK:

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  Sohini Guharoy Quite on the track, I think!

  Yesterday at 1:07pm · Like
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  Nazir Bhatri Instead of "keep 10% for long - term" I suggest 25%. Easier said than done, but believe me, it will help a lot.

  Yesterday at 1:14pm · Unlike · 1
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  Faye DSouza You save and invest 10% of everything you make!

  Yesterday at 2:44pm · Unlike · 2
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  Ankita Sengupta I think keeping "10% for long term" is the hardest to follow.

  23 hours ago · Like
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  Navin Tucker Richard NEVER EVER GET A CREDIT CARD!

  23 hours ago · Like · 3
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  Faye DSouza The formula I recommend is 1) Emergency fund of 3 months of expenses 2) Health insurance 3) Term life insurance if you have dependents 4) Pay loans 5) Start an RD for short-term goals like holidays and tech 6) invest in equity for long-term goals like retirement

  23 hours ago · Edited · Unlike · 8
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  Mini Kolluri You are single and have no debt or dependents, I'd say have and emergency fund and then make travel a priority. Jump off that cliff, dive into that sea!

  20 hours ago · Like · 1

6 money mistakes to avoid when you've just started working

Today's Mint has a very helpful piece by Harshada Karnik for youngsters who are into their first job. That first cheque may give you a high, she says, but before blowing it up, you should take a look at what a small part of it can earn in the long run. And then she lists the mistakes many youngsters make when it comes to financial planning:

• Mistake 1: Don't really know where I spend
• Mistake 2: I saw, I liked, I shopped
• Mistake 3: I live on plastic
• Mistake 4: Not now, maybe later
• Mistake 5: I like risks and adventure
• Mistake 6: My uncle has it, I'll also buy one; it'll save my tax, too

If you are making all or any of these mistakes, you need to read this: "Into your first job? 6 mistakes to avoid"