Got Your First Salary?? This Is How You Should Manage Your Finances

Posted by: Debtanu Mukherjee

First salary is always special. Becoming an earning member of the family is one of the biggest joy. Remember, your future assets and financial freedom will depend on how you spend your salary from day one. So how should you be spending your salaries in a better way? 


Make your savings bank account your best companion
Your account number is going to stay with you for a very long time. Now you will be writing cheques, making online transactions and will be operating your account for host of other services. Keep ll your documents safely. Remember to tear all pin number papers after memorizing or writing them down safely. 

Start savings in a smarter way
Make sure to start a sip in mutual funds immediately after your first salary. Early investors can take some risks with their investments and can invest in aggressive equity funds for higher returns in a long term. Do research well before investments and read past performances of the funds before investing. 

Take a life cover
The moment you start earning, you have now life value which is other than the emotional value of your life which one cannot measure or put a number for that. Take a term plan atleast to secure your life to the tune of your annual income multiplied by 20 years minimum. You can add life cover depending on your increase in income. 

Health cover must never be ignored
Buying a health cover will keep you in peace of mind. With the increase of Hospital expenses, lot of families looses a lot of their savings if someone from their families fall ill or meet with an accident. This small investment will keep you secure from untimely medical expenses. 

Maintaining excel sheets and preparing a monthly budget
It is one habit you should inculcate from the first day of your job. Make sure to update it daily or if not possible weekly. There are lot of applications also on smartphones to record your expenses and keep a tab on them. You will be able to find out useless expenses and thereby manage your finances better. 

Remember, your income may be fixed, but you can always make your money work for you. Earn a lot and manage every hard earned penny in the best possible way. 

Happy Earning!!

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