Are you using your Salary Productively?


Hello Everyone!

Most of us when started working had a Wish List ready in our minds…probably a dream that we have carried throughout our lives!

Today’s post is for the young generation who have just started earning & building their Life!

Right from the first day at work, you did your mental math about how, when, and where you were going to spend your first salary. Your first salary might have been the most anticipated event of your life, isn’t it?

“Your Salary has been credited to your Account”…is the message you receive.

After 30 days of hard work, when you finally receive your salary…the joy is knew no bounds!

But what would you do with it? Splurge the entire sum or save some?

It is natural for the young generation to splurge first salary on various fancies! Their life goals and achievements are influenced by peer pressure, and to tick-mark their social media checklist of keeping up with the herd. But you can never afford to ignore the importance of time and value of money!

The young generation believes in the Mantra…’Work hard & Party harder!’ Most of them ignore saving money for their future goals which gets them in trouble in their later years!

Thus, you need to use your Salary productively.

  1. Budgeting

Budgeting is the first step to lead a healthy Financial Life. All it needs is discipline on your part.
Hence, make a note of all your sources of income and expenses. Make a list of unavoidable expenses such as gas bill, electricity bill, groceries & so on. These days, various apps have been introduced to trail down your expenses. Hence, seek the help of such applications and plan your salary accordingly.

  1. Focus on Saving More

Earn. Save. Spend.

Warren Buffet rightly said… “Don’t save what is left after spending, but spend what is left after savings”.

No matter how big or small or your Pay Check is, inculcate the habit of saving! Your friends might go out every weekend & splurge…but you need to ask yourself can I afford it? Bring in a little change in your Lifestyle & you will be able to save more. Saving alone is not enough…Invest your money in proper assets so that your money can grow! Start investing from an early stage so that you can get compounding benefits.

  1. Pay off your Debts

In case you have any kind of Liabilities like, Education Loan, Home Loan, Car Loan & so on…try to clear off the debts as soon as possible. With this, you will be able to save on the high interest expense.

  1. Buy an Insurance Policy

Insurance plays a vital role in your life. Insurance is the major area wherein you can be misled. So make it a point to purchase an Insurance Policy which will suit you & fulfill your Needs.

  1. Use Credit Card Wisely

Credit Cards are like a Life Saving Jacket for the Millenials. But they tend to satisfy their urge of buying unnecessary things & turning a blind eye towards their affordability! Use it wisely so that it won’t get you in trouble & disturb your Financial Well Being.

Your first salary is likely to be the smallest amount you will earn in your work-life cycle…but you will cherish that for the rest of your life! So, spend on creating experiences for a life-time and inculcate the habit of saving. Draw a saving & spending pattern of your Salary right at the beginning so that you will be disciplined for the rest of your lives!

More Later…



Is Inheritance hassle free?


Hello Everyone!

For the most of our lives, we have we have worked hard to build Wealth that can sustain us & our families. Have you ever wondered what would happen to all this Wealth after you…?

Mortality is unavoidable! Death is certain, no matter what. And the best thing you can do for your family is to have a Succession Plan in place!

Well, Succession Planning is passing down the Assets from one generation to another. It is wrongly interpreted that it is meant only for the Rich Class. In fact, it is essential for everyone irrespective of how much wealth one has!

The Basics of Succession Planning are as follows:

  1. Make a Will Immediately

The most important thing is to make a Will. Old age comes with several physical & mental illness, so it is advisable to prepare a Will when you are in a sound condition. You can keep on changing the Will as Time passes by & your Assets change. A Will can be registered or unregistered….but is better to have the Will registered.

  1. Discuss your Finances with the family

You need to adopt a free culture in your house wherein you sit & talk out your personal lives together. Similarly, you should discuss your Finances with your parents & kids. Your family should be aware about your finances. Your family needs to be aware of all your debts, and a plan must be in place to repay the debt. In case of any unfortunate situation, they must know a way out!

  1. Keep all the Financial Documents together

Always keep your Financial Documents together in one place. Inform your Spouse about it. Moreover, keep all Login IDs & Password in a secured place.

  1. Inform your Nominees

Make sure that you inform your Nominees that their names have been put as Nominees. Many a times, the Nominees are not aware which creates a big problem!

Thus, make it a hassle free process of inheritance for your loved ones after your demise!

More Later…