It’s the month end and you are excited about it. The end date will bring in your first salary of life. The sweetest of all achievements you have in your pockets now. You planned all of it, every penny of your hard-earned salary. Some gifts for your family, some part for outings and yes then you have the responsibilities as well. Are you sailing in the same boat? Well, we shall do some smart planning.
When I started my job, I was 23 and the first salary just evaporated in the heat of moment. Then I realized, dude this is not going to work. So for every excited fresher, here are the suggestions I want to list out for you. Obviously, this won’t make your salary stay till the last day but some starry future would be good.
- Budget! Budget! Budget!
After two months of your job, you will be able to realise what are your expenses. Start with the very basic, list out everything on a neat white sheet. Take round up figures rather than exacting the deductions. Decide what portion of your lump sum you wish to start saving. Now thinking of savings, you will have to DREAM. Dream big or small, but Dream. There at that very moment, you will have desire and saving for the dream would be easy. Now you have an amount.
- Know Yourself
Once you are done with all the planning, decided what sort of person you are. Are you willing to take some risks in market? Or would you prefer a safe approach. Is this for a long term or short term? Post-decision, move onto your laptop and search the best option for yourself. Finalise the bank and get started. When I started, I opted for a mix of risk. Half share went for long term safe plan (FD/RD) and the other one was short term and some risk (ELSS/Mutual funds).
- Do you have to start so early?
Well yes. Imagine 6 months down the lane, you are going on a lavish trip and you won’t have to bother your parents for all those parties and trips. As you age, so does there are moments which you want to capture. And we know better, it all comes with some price tag.
- Credit Card?
This is the most important decision. If you are opting for a credit card without understanding how to use it, then you are going to be in big loss. Before choosing which credit card would suit you, learn how to use it. Half-knowledge here can be deadly.
In the end, a special Happy First Salary to you! Enjoy!
Disclaimer: The opinions expressed in this blog are the author’s own and do not reflect the views of Paisabazaar.com. Paisabazaar.com does not assume any responsibility or liability for the same.