What to Do With Your First Paycheck
So you just landed your first paycheck—congratulations! You might be wondering if you should splurge, save, or start that side hustle. We sat down with Sharon Au, host of the new meWATCH series Money Money Home, to get her take on the perfect use of that sweet first dollar.
Sharon’s “Treat Yourself” Philosophy
“Just go ahead and splurge with your first paycheck,” Sharon says. “It’s a milestone, and you’ve worked so hard. You deserve it.” Her own anecdote? A pair of $98 jeans that cost her every single bite of her first paycheck—
- Intern at Singapore Press Holdings, earning $95 on day one.
- Added an extra $3 of her own money.
- Looped the jeans into her wardrobe and felt a huge sense of achievement.
For Sharon, that fashion statement was a badge of honor—proof that success can be stylish.
The Money Money Home Take‑Away
In a light‑hearted episode packed with skits, songs, and witty banter, Sharon and actor-host Darren Lim break down practical tips for the young money‑maker:
- Set a small “fun” budget. Treat yourself with a slice of your paycheck—just don’t let it eclipse your future savings.
- Build an emergency fund. Even a tiny piggy bank can guard you against those rainy days that come sooner than you think.
- Pay off any high‑interest debt. Student loans look less daunting once the interest clock starts ticking down.
- Start investing early. Little amounts grow big over time—fuel your dream of that beach house or that shiny car.
- Keep track. Use a free app or a simple spreadsheet to see where every dollar goes.
Bottom Line
Your first paycheck is a sweet taste of freedom—but make it count. Allocate your hard‑earned money wisely, reward yourself responsibly, and keep your long‑term goals in sight. Remember, the thrill of that first pay is just the beginning. Happy budgeting, and enjoy the ride!
Spending, Saving, and the Glittery Pitfalls of Fame
Sharon, now a seasoned investment director at a private‑equity firm in the City of Lights, looks back on her golden‑razz‑macaw years in the TV biz and says a little of that glittery excess was a mistake.
Why the first paycheck can feel like a party crime
When you earn your first paycheck as a star, you’re brimming with excitement. The temptation? To buy everything from designer shoes to the latest nail polish kit. Sharon recalls,
“I was so overwhelmed with the joy of being famous and earning money, so I bought a lot of material goods.”
The wardrobe and the vanity list
- Beauty products that sparkle brighter than a sequined gown
- Clothes that made her runway‑ready every morning
- Shoes that were, frankly, a liquidity crisis in stilettos
- Jewellery that cost more than a small house rent
The Unseen Price of Glamour
“Love the look, but oh boy did it cost a fortune,” she admits with a laugh. “Flashy as it was, it ate up a huge chunk of my salary.”
Learning the hard way
She wishes she had “saved more, or at least invested—rather than spent all that on beautifying herself.” The lesson? Fame is fun, but a financial safety net is even cooler.
The Future: From Celeb to Savvy Investor
Now, armed with experience, Sharon’s runway is all about balanced budgets and savvy market moves—not just runway‑ready outfits.
Darren Lim raked up $30,000 debt after ‘worst investment ever’
The Road to Regret: Darren’s 1968 Morris Minor Debacle
Why a Vintage Car Became a Bad Investment
Darren Lim, now 49, pulled back the curtain on what he calls his “worst investment ever.” Picture this: a young man in his early twenties, eyes shining, clutching a dusty 1968 Morris Minor in Singapore.
- He spent a feast of money on a full refurbishment.
- He even had to fly parts from the UK straight to Singapore.
- The result? A collectible wreck that left him buried in debt.
“When I was that crazy, I literally tore down everything on that car. I literally blew my own money,” Darren recalls, ruffling his shirt as he speaks.
The Debt Avalanche
“I ended up with roughly $30,000 in debt,” he says. “It was a nasty cycle – the more I spent, the more I owed.”
Enter Evelyn Tan: A Partnership That Saved the Day
What came next was less automotive and more financially transformative. Darren’s then‑girlfriend (and now wife) Evelyn Tan nudged him into seeing money as a tool, not a trick. Together, they created a joint bank account and matched every dollar they saved. The result was a debt‑free field.
- Joint savings strategy – a dollar for a dollar match.
- Debt repayment timeline – a clear plan and shared accountability.
- Future nest building – not about making huge money, but about knowing how to manage wealth properly.
“It’s actually helped us build the foundation for our future,” says Darren. “We’re not hitting lottery jackpots, but we’re super comfortable with how we make and handle money.”
From Car Craze to Smart Planning
Darren’s story demonstrates that what looks like a ‘fun’ purchase can quickly turn into a financial nightmare. The key takeaway? When you’re passionate about something, pair that enthusiasm with smart money habits. And if you’re lucky enough to have a supportive partner, teamwork can turn a debt mountain into a savings hill.
Self-love is best love
Why Your Budget Should Include a Slice of SELF
Food, Fuel & Fixes
Picture this: you’re staring at your monthly bills and you wonder if you’re about to sell a kidney to cover the dinner bill. Don’t sweat—just make sure you don’t short‑change the essentials. Food, transportation and utility bills are the obligatory trio that keeps everything running smoothly. Without them, you’re basically a walking, talking ghost.
Drop a Little Money on YOU
Now, what about that eye‑watering dream of a new guitar, a meditation retreat, or a certification in some exotic skill? That’s the “self‑upgrade” part of your budget. Darren says it’s not a luxury—he calls it a need.
Darren: “People might think it’s fine to put it off, but I feel that this is one of the most important things you should plan for.”
Sharon’s Checklist
- Yoga & Pilates classes
- Music lessons and instruments
- Weekly pottery sessions (because you never really grow up)
Sharon’s mantra is simple: Self‑improvement equals self‑love. She’s treating that hobby as a necessity, not a whim. The payoff? A boost in happiness and a smoother daily routine.
All the More Fun with Hobbies
For Darren, a father of four who keeps life interesting, his spare time is spent on watercolour painting, cello practice and throwing clay. According to him:
Darren: “When I have a spare moment, I invest in myself. It might not support my day job, but it makes me feel good. And when I feel good and rejuvenated, I know I’ll be ready for tomorrow.”
Catch Money Money Home for Free
And if you’re hungry for a bit more inspiration, check out the TV series Money Money Home, premieres Nov 18 and drops new episodes every Thursday. Grab it for free on meWATCH.
So, next time you crunch numbers, just remember: a healthy budget looks after your bank account and your bliss. Happy investing!
