Hey..!! it’s Paycheck Day
And finally you get a good job with a handsome salary package and now it’s time to manage your first paycheck. Getting your first paycheck that too after years of long hard work and efforts makes us feel not only happy but proud. Many of us start planning our expenses well in advance. Well, I do agree that getting the first paycheck is no less than any occasion and one must celebrate it. But at the same time saving a part of your salary is equally important. In this blog, we will talk about how to spent and invest simultaneously for a better life and future.
Keep eye on your spending
This is not new nor does a big deal of how we frequently spend a big chunk of our hard earned money on online food app like swiggy, zomato etc. Also, today’s generation is a big online shopping bug-bee. If calculated then most of the time all these spendings are neither worth nor good for us. Fix your spending based on your requirement. It’s not bad to buy one dress or ordering food once or twice in a month. But what bad is heading with this same habit of regularly?
Spend swiftly, Save rigorously
As they say, all wells that end well – but the end would end well if you will plan smartly. Swiping credit or debit card is the world’s easiest task. All you need to know is its pin. What about another side of the story – how cards get refilled for spending. Yes, understand the reality- you put all your sweat and blood throughout the month to get it refilled. Don’t let your hard earned money showered like anything else.
Open a separate saving account and start investing a part of your salary into it. There are many government policies which are good from a tax saving perspective. There are governments saving schemes like Public Provident Fund (PPF), Fixed Deposit, Recurring Deposit (RD), and Mutual Fund & SIP.
Set a financial Goal:
Now that you have segregated all your weekly monthly spending and investment now it’s high time to set a financial goal. Yes, nothing is possible until you plan for it and fight to fulfill it. Making a short and long financial goal will be a smart move and will surely bring a smile on your face.
If you are planning to apply for a home loan or checking out your favorite car then make your financial goal accordingly.
Have you ever thought about why our elders always force us to save more and spend less? That’s not because they don’t want us to enjoy but they keep warning us to save for worst. Also, when we start earning just after our graduation or post graduation we are young, enthusiastic and eager to do lots of hard work. After a peak of our young age with each passing year, our strength gets low. So start spending as early as you can. It’s not that you have to save a big amount but starts with 2% slowly increase it 6% and so on.
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