5 Responsible Things To Do With Your First Pay Cheque
- Author :
- TATA AIG Team
- Published on :
5 responsible and sensible things you can do with your first salary
Congratulations! You have made it. You landed your dream job and worked hard the first month. You now have in your hands - your well-deserved paycheque. Welcome to the world of financial independence!
Do a Round of Audit and Pay off Debts
Starting to pay them off old loans and debts with your new job should be high on your priority list. Living debt-free is essential to having peace of mind!
Start a Recurring Deposit
Savings should never be a second through once you start earning. Every small amount you put away today will compound into a decent sum of money in the coming years, which will also earn you interest!
Create an Emergency Fund
Times can be unpredictable. You might need cash urgently if you fall sick, or if your vehicle breaks down. So think ahead and put aside some money as your emergency fund.
Invest in Health Insurance
Though you are covered by your organization with a health insurance policy, it is always a good idea to have a comprehensive one tailor-made for your needs. If you are thinking of covering your parents in your health insurance, remember to check a family health insurance plan.
Treat Yourself and Family
But hey, it’s your first paycheque, so it’s time for some celebration. Take your family out for dinner or buy something nice for them. If there is something you’ve been wanting to buy for yourself for long, this is the time!
While you continue to grow in your career, think ahead, start investing and make your money grow too!