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My First Salary! What Next?

The contentment achieved on receiving the first salary is unrivaled and damn hard to express. After completing years of education and hard-work, you finally have a job which offers you the ripe fruit in return of the seeds you had been sowing in form of your dedication for past 20 years. Boosting your self-confidence and opening gates of development, your first job sounds like the best thing that happened in your life. Heading to a better lifestyle it is obvious and justified that exhilarating feelings will be following your path.

You surely stand on cloud nine when you receive your first salary cheque irrespective of the amount. And, with this amazing beginning comes the responsibility to build a prosperous life. Palaces are not constructed in a day but with a regular addition of bricks you can construct any great structure. Now you need to analyze various parameters and decide on how to go about with the utilization of money you received after working so hard.

Financial Planning – Now that you have entered the world of self-dependents, it is time to stay prepared for facing numerous situations like getting locked in debt trap or loss of huge funds. The delight of having money in your hand will surely splurge you in some unplanned shopping which might sound exciting now, but worthless in the long run. The time requires you to monitor your expenses for smart savings and progressive future. You need to set some target and follow them religiously to have a happening today and a secured tomorrow.

Combating Contingency- Emergencies can knock at your door without sending any prior notification, thus it is necessary to have a secured lifestyle for which it is advised to purchase term plan and health insurance policy, irrespective of the fact that your employer might have just offered you such a policy. Accidental death benefit and critical illness plans are few riders which you should opt for in order to provide your dependents a feeling of independency in your absences. Investing at a young age can keep you away from financial burden because the premium paid at this age is quite low.  

Time to Invest – At this age you should go for different kinds of investment options as risk taking easily gets a place in your priority list. It might be sounding too early, but planning for your retirement funds can turn out to be a great step towards investment later on.EPF, SIP, ULIPs are few of the great avenues of investment and multiply your money into a giant money house.

Without having a second thought towards financial nirvana, most of us might have spent our salary thinking the amount is too less or it’s too early to start-up with anything. We must never get deviated from the real goal of our life to experience a happy tomorrow.  

Written By: PolicyBazaar - Updated: 19 August 2020
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