Financial management tips for newly employed – NDIM- New Delhi Institute of Management

Financial management tips for newly employed

NDIM Finance

If you are reading this blog, then Many Many Congratulations for your new role. You have now stepped into the corporate world and would be experiencing and learning a lot more things at your new workplace. You would be desperately waiting for your first paycheck and every paycheck after it. There is also a big list of things which you wish to do or buy. From Dubai tour to iPhone 8, there is a lot of stuff which might distract you from saving money. But don’t forget you too can face the problems like a change in economic policy, job insecurity, Bank loans etc. So it’s essential for you to start managing your expenses as early as possible.

If you are reading this blog, then Many Many Congratulations for your new role. You have now stepped into the corporate world and would be experiencing and learning a lot more things at your new workplace. You would be desperately waiting for your first paycheck and every paycheck after it. There is also a big list of things which you wish to do or buy. From Dubai tour to iPhone 8, there is a lot of stuff which might distract you from saving money. But don’t forget you too can face the problems like a change in economic policy, job insecurity, Bank loans etc. So it's essential for you to start managing your expenses as early as possible.

Here are some tips that will help you manage your finances and grow your money 

Investment plan
Keeping all your money in savings account won't give you the right amount of return and somehow buy the things which you don't even need. Research and invest some part of your money in Systematic Investment Plans (SIP), Government Bonds, Stock markets etc. where your money can grow and gives you a good amount of return.
Use 50-30-20 rule
This rule states that 50% of your salary should go to your daily expenses, 30% should be for yourself and remaining 20% should be saved for your future. It is the excellent method to plan your savings.
Simple lifestyle
All days are not same, so just save for a rainy day. Living a simple lifestyle will help you save an enormous amount. It’s essential for you to be financially stable, so that you can live the future life without debt. Do not save what is left after spending, but spend what is left after saving.
Maintain your credit score
A good credit score will help you get easy loans and maximise your finances. You can keep a good score by paying your utilities and credit card dues timely. To ensure timely payment, you can maintain separate email id and have all your finance related mail on it.
Set up an emergency fund
It’s not an investment; it’s insurance which will protect you and your family. An emergency fund will help you to face sudden and unexpected need.
Set Long term financial goals
Having a plan for your retirement or the things you want to do in future will help you achieve financial success
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