{"id":8570,"date":"2015-12-31T15:46:23","date_gmt":"2015-12-31T10:16:23","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=8570"},"modified":"2016-09-09T16:31:50","modified_gmt":"2016-09-09T11:01:50","slug":"three-things-to-do-after-you-get-your-first-salary","status":"publish","type":"post","link":"https:\/\/fundsindia.com\/blog\/mf-research\/mutual-funds\/three-things-to-do-after-you-get-your-first-salary\/8570","title":{"rendered":"Three things to do after you get your first salary"},"content":{"rendered":"

\"Splurgevsinvest\"<\/a>You\u2019re just out of college, and have landed your first job. You\u2019re now a salaried individual. What you have in hand is your hard-earned money. You can either spend this money whichever way you want, or you could be smart and save.<\/p>\n

Saving early is the biggest favour you can do to yourself, and to your money. After all, we don\u2019t just earn money just for the sake of earning it. We earn it to help us maintain a good standard of living, with \u2018maintain\u2019 being the operative word here.<\/p>\n

Therefore, while spending recklessly may seem well in line with the motto of \u2018Carpe diem\u2019 (seize the day),it could also land you in trouble in the future.<\/p>\n

As mentioned in our piece on retirement savings<\/a>, the prices of goods rise every year. What is \u2018enough\u2019 for today, may not be enough for tomorrow\u2019s expenses. This puts you in danger of facing a situation where you have no resources with which to \u2018Carpe the Diem\u2019.<\/p>\n

Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

But this apocalyptic future can be averted. With just a few simple changes to your money habits, you can easily ensure you always have enough cash without a major lifestyle overhaul. Here are a few tips to get you started:<\/p>\n

1. Set a budget (and don\u2019t budge from it)<\/strong><\/p>\n

The first thing you need to do is budget your expenses. Say you\u2019re earning Rs. 30,000 a month – What you need to do is set aside a portion – 20 per cent if you\u2019re ambitious, and 10 per cent if you\u2019re finding it tough to save. Use the rest as your spending pool. When you prepare your budget, prepare it as though you only have Rs. 24,000 to spend. This may sound obvious, but the key is to stick to it. <\/p>\n

Tracking expenses to stay within limit should also not be tough in this the age of smartphones. You now have a host of apps such as Moneyview to help you maintain a budget and manage your expenses efficiently.
\n
\n2. Control unnecessary expenditure<\/strong><\/p>\n

a. Spending is good. That\u2019s what earnings are for. However, unnecessary and over-the-top expenditure are not good for your financial health. To help curtail excessive spending, don\u2019t eat out every day. Everyone likes to eat out every now and then. But eating out at a restaurant (or ordering in) every day is not good for your stomach or wallet.<\/p>\n

b. Use public transport. If you\u2019re in a city that has a good public transportation system, having your own vehicle doesn\u2019t make much sense \u2013 it\u2019ll just be added expense (fuel, maintenance, etc.). Instead, use the bus or train.<\/p>\n

c. Make use of sales. Shopping during the sales months of June and January, or during the festive season could ensure you get more bang for your buck.<\/p>\n

There are several other ways to keep spending in check, such as not jumping for a credit card as soon as you can. But these serve as good starting points.<\/p>\n

3. Invest<\/strong><\/p>\n

You\u2019ve now managed to save up some money. But what do you do with it? Letting it sit in your savings bank account will only fetch you a measly return of 4 per cent per annum, which can also be taxed. That\u2019s less than the rate of inflation, which means you are, in fact, losing money. <\/p>\n

So, how does one stop this slow erosion of one\u2019s savings? You can do that by investing wisely.<\/p>\n

Before you get started with investing, educate yourself on investments first so that you can make informed choices. The FundsIndia Marketplace<\/a>, Franklin Templeton Academy<\/a> and MoneyKraft<\/a> are good starting points for investor education. You could also seek the help of an unbiased expert financial advisor to ensure you\u2019re investing smart, and investing right, always<\/p>\n

Open<\/span> a FREE Account Now! <\/span><\/a><\/div>\n

Once you\u2019ve taken care of these three points, the apocalyptic future we mentioned will be less likely to occur. However, that doesn\u2019t mean you should stop here. As your salary increases, make sure your savings (and investments) increase as well.<\/p>\n","protected":false},"excerpt":{"rendered":"

You\u2019re just out of college, and have landed your first job. You\u2019re now a salaried individual. What you have in hand is your hard-earned money. You can either spend this money whichever way you want, or you could be smart and save. Saving early is the biggest favour you can do to yourself, and to […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,66],"tags":[148,516,364,218],"yoast_head":"\nThree things to do after you get your first salary<\/title>\n<meta name=\"description\" content=\"You\u2019re just out of college, and have landed your first job. You\u2019re now earning a salary. 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