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…



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