‘kyazindagihaiyaar. I am working in my dream job, earning a decent amount every month. But, by the middle of the month, no clue where all my salary is going. I am left out with a very small amount in hand. Not understanding how to manage my salary and yet think about investing the same. God, feel so disgusting when I see my colleagues and friends planning their financial affectively. Now, if I ask them to help me out in sorting out my financial issues, this would be so very under estimating. What to do?’
If you are thinking the same as above, here are the measures that can remove your confusion and give an idea on how to plan your Salary;
As soon as you receive your salary, first thing you do is pay off all your bills and other monthly payments. Well, there are many advantages by doing this. First of all, all your payments would be cleared and you need not request anyone for that ‘extra’ time. you would also have a clear idea as how much you salary lest after all the payments and adjustments.
Now, plan for saving atleast some amount per month. I understand the tax filing and assessment would be at the end of the financial year, but rather than running last moment in order to get your full salary, wake up and plan for proper savings to be every month.
Take some amount out for your transportation expenses, whatever is the mode of transportation. This is not only helpful for you to monitor how much you are spending on commuting from one place to another, to keep a check on the same.
Almost every company has a policy of dividing its employee’s pay package into fixed and variable. The variable pay would be given away as a bonus that too in the months of October and November, so, just see that amount as a saving and invest wise. Do not jump on spending the amount. Generally, this amount would be huge and if invested proper, can earn good results in a longer run.
Write down the entire amount that you are spending in detail, like what you are spending on what. This way you can monitor not only your salary but can also cut down on all those unwanted expenses.
When you are planning for savings, try investing in small amounts. This way, you would not live in a thought that all your salary is either being a expenditure or a investment. Planning to invest in SIP’s is a good option anyways, but do not forget to analyze the fund’s performance.
A bit of social work bhizarrorihai. Be it a small amount as 1,000 per month, but try giving the same to the needy. The amount of satisfaction that you get by doing the same can only be experienced.
After going through the above, if you have thought ‘I know all these, what’s new about it?’, then I would ask you, ‘If you knew it, what are you doing reading this article? Why aren’t you implementing the same?’, I have a point!
SunayanaVinay Kumar
