What should my salary be at my first job?

A first job is a great learning opportunity, to gain experience in the labor market and to acquire all kinds of skills in your area of ​​performance. 

Even if you don't have any type of previous work experience and although money is not everything, there is a very important aspect that you should not neglect: your remuneration.

If you are looking for your first job or have already obtained that long-awaited “yes” and are close to negotiating a salary and benefits package with recruiters, you have surely asked yourself “what should my salary be in my first job? ”. 

Here are some tips to help you answer that question, determine an appropriate amount, and negotiate with future employers.

Determine how much money you spend

Although you cannot base your negotiation with your future employers on your personal expenses, it is important that you are clear about the relationship that your expenses have and will have with your income. 

In addition, your first job is the perfect opportunity to start managing your personal finances and create habits to manage your money.

The first step so that you can visualize what your expenses are is to create a budget in which you detail your income. So when you receive a salary offer, you will be able to determine if it meets all your needs.

 Here we share an example: 

Income

• Salary 
• Scholarships and awards.
• Billing for freelance or independent work. 
• Help from relatives. 

expenses

• Rent or housing expenses. 
• Services (Electricity, water, gas, Internet, etc). 
• Food. 
• Transportation. 
• Credit card 
• Debts. 
• Health. 
• Pets, veterinary. 
• Outings with friends, outings to eat or hobbies. 
• Subscriptions to platforms such as Netflix, Spotify or others. 

Keep in mind that there are applications for Android or iOs that can help you keep track of your expenses!

Identify what your savings goals are

Following the line of what we mentioned above, it is important that you take into account one of the best financial habits: saving. 

The amount of money you allocate to save, obviously, comes from your salary and you will have to adjust this amount according to your salary expectations. 

To set your savings goals, you must clearly and specifically identify the purpose for which you will be saving. For example, to travel, to move, to have an emergency fund, etc. 

Then, as detailed above, you need to know what your spending sources are and then think about what percentage of your current or future income you could allocate for savings. This way you can have a clearer picture of how much money you need to get in your first job. 

Find out what the average salary is in your industry 

It is a fact that it is very likely that your first salary will not be very high or representative of how your remuneration will be throughout your professional career. 

Still, you need to make sure you are fairly compensated for your time and dedication to this first work experience, and the best way to do this is to study the job market. 

To find out what the salaries are like for other young professionals in your industry or performance area, you can do a quick search on the Internet or ask your colleagues, alumni groups, and your family and friends. 

Learn to negotiate and talk about money 

Starting a conversation about money in the later stages of a recruitment process or even once you're part of a company often seems to have a negative connotation, is uncomfortable, or can feel taboo. 

Definitely, money is a subject that you have to learn to handle with tact. A first work experience is going to teach you many things and one of them should be how to negotiate and how to talk about money. 

Here are some tips to help you negotiate your first salary with all the information you've already gathered above: 

• Determine a minimum and maximum range . If necessary, choose an amount in the middle. 
• Justify the amount you are asking for with the research you did on the labor market and with your skills. Offer concrete data that supports you. 
• Keep in mind that the goal of negotiating is to reach an agreement that benefits both parties , so don't stop listening to what recruiters or your employees have to say and, on the other hand, don't lose sight of your priorities.