You've received your first paycheck​, and are excited to splurge with some of it, but at the same time, you worry about your future. Money comes and goes and that's why you need to be smart with it. If you're earning a lot of money today, it doesn't guarantee that you'll be a high earner tomorrow.

Being smart with money doesn't necessarily mean that you should save everything, invest it in some high-risk businesses, or never touch the money again. Being smart with money actually means that you save a bit more than before. You can take some risks after you have some saved up.

I've seen a lot of people invest their money into high-risk businesses, and by doing so, they believe that they are saving money for future. Yes, if the business does well you'll earn a decent profit because high-risk business often have the potential to produce substantial rewards. However, I'd argue that a wise person won't depend on high-risk investments and will look for a passive return consistently. Here are a few ways to help you be smart with your money.

1- Prepare your budget

If you got a promotion at a job that came with an increase in salary, then there is no need start living the high life. If you already have a nice lifestyle, where's the need to splurge​ anymore? Investing for the future will allow you to really enjoy the high life later on. The day you get your first paycheck is the day you need to make a budget.

That budget should include all your necessary expenses. Preparation of budget will make you aware of your expenses, and you'll be able to review and decide whether you should cut something down on your expense list. Compare with the previous month's budget to ensure you have sufficient cash flow to survive.

Your budget should include contributions to an emergency savings account. When your emergency fund reaching a point that will allow you to survive without a job for six months, you can quit contributing to it. Whatever is left over can be contributed to your investment fund.

2 - Pay your debt

It is wise to pay your creditors on time. Be it the credit card bill or a loan from a family member, you'll build trust and it will give you peace of mind. I don't consider it smart to take out loans, but my situation may be different than yours. Some people are forced by the situation, and there's nothing they can do about it.

If you fail to pay the credit card bill on time, it not only it will affect your credit score, but you'll have to pay interest due to late payment of debts. It is much better to pay your balance in full each month, which will prevent you from ever paying interest, and will give you 20-50 days of interest-free loans.

3 - Save and invest the rest of your money

You've prepared the budget, paid all the bills that were due and kept some in reserve for emergencies. The next step is to save the rest of your money, though it is easier said than done. You can't simply keep cash since the value of it decreases over time. It is better to own shares in safe companies that consistently pay you dividends, but that isn't the only option.

Most people assume that the bank is the no-brainer option, however having your money in a bank carries enormous risk. Most major banks have clauses that say something to the extent of "when you deposit money, you become an ​unsecured creditor." Meaning you're loaning them the money with no collateral whatsoever. If the bank fails, you may lose everything, even if the bank is insured by your government.

There are many businesses that aren't very risky​ and offer much better returns than the tiny amount of interest you'll receive from a bank. I believe that real-estate business is more profitable and less risky. The biggest drawback of real-estate is that it requires a big investment. However, if you don't yet have enough savings to purchase real estate, you can purchase a REIT (Real Estate Investment Trust). It gives you ownership in real estate without having to own the entire property.

I hope these tips help you to become smarter with your money. If you don't know what to invest in, invest in your education. Remember to never let schooling get in the way of your education.