Many of you must have already planned about how to shell out the very first salary! But eventually this practice may trouble you in the future. Money is the only element which doesn’t increase after manipulating all the resources which is exactly inverse to cultivating a crop. Thus, there are some important lessons everyone fresher must be taught, kindly go through below discussed points to always maintain good standard of living.
Saving is important:
Always remember one universal formula: saving=Income-Expenditure. Once you are promised the salary by an employer, calculate and take into account practical expenses. Learn to withdraw stipulated portion of the salary to satisfy the basic needs. Practice this habit throughout the life.
You simply cannot predict or anticipate an emergency. You cannot pretend that you have sufficient bank balance and manage all the expenses during emergency when in reality you don’t have a single penny in the account. Thus, it is important to save money that will suffice for first or second quarter of the year. It will help you to remain wealthy enough, even though you are fired from the company.
Say No to Loans:
If you are not certain about the job, then it’s better to not apply for any loan. Sometime habit of taking loans to buy different commodities may end up in complete indebtedness or bankrupt.
Invest in the schemes:
There are several good schemes introduced by the banks for example recurring deposit, provident fund, systematic investment plan etc. Thus enquire about such scheme and learn to get the benefits to ensure the sound future. It will also help you to buy expensive things, you aspire to purchase.
Simple living is the best policy:
To minimize the needs and define the boundaries to fulfill the wants will definitely help you to take a leap in the future. Smart investment, manipulating different resources to save money, compromising routine comfort may work in your favor one day.