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Got Your First Salary? Start These Habits
Your real financial journey starts when you receive your first regular paycheck and it is your responsibility to use it wisely.Here are things to do when you receive your first salary:
Your first salary gives you financial independence and of course, will boost your self-respect and confidence. The first thing you usually think of doing, when you get your first salary, is to buy some gifts for you or your parents or giving a party to your friends.
When you get the job and your first salary, it is also, time to look ahead and take those first steps towards a more financially settled life. This is the right time to lay the foundation for the dreams you have like owning a house, car, bike and much more.
Here are the five things to do when you get your first salary.
Develop a financial habit
First salary is very special for all of us. You may pay high on entertainments from the first salary. Gadgets and your favorite food stalls etc will take the large part of your first salary. But ensure that these should not become a habit and you should start saving for the future. Pay yourself before you pay others by saving. You should set a saving target after all these.
Make a budget
A budget will help you plan your expenses. Calculate the money you will get each month. List all the necessary expenses like your rent, bus expenses, food expense and all. It will help you to understand your income and expenditure. It will give chances to cut down unnecessary cost also.
Insure yourself
Take care of yourself first. Purchase one term life insurance immediately, after you got a job. Buying insurance at a young age will make it very cheaper. Insurance will take care of larger financial emergencies like accident, critical illness or even death. Buy medical insurance to cover yourself will in an another way protect your dependents.
Invest in equities
Since you have just started out working, you might not be able to keep aside a large amount to invest. Investing in equities is too good for a starting. After a few months, you will be able to save larger amount. Starting a SIP( Systematic Investment Plan) can also benefit you in future.
Plan for retirement
The earlier you start the retirement planning the more benefits you will get in the future. Most companies have an employee's PPF scheme. If your company is not providing PF then you can open a PF account. Start planning for retirement will be the best financial decision that you take during your earning life.
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