Landed your first job? This is what you can do to secure your finances

Jan 04, 2018 | 12 months ago | Read Time: 2 minutes | By iKnowledge Team

As if student life wasn’t stressful enough, you now have a host of relatives and well-wishers inundating with financial planning advice on how to save your money after you get your first job.

Fret not, take control of your own finances with our easy tips that will help you save for the future, the right way:

  1. Spend less, earn more

Before you blow it all on a shopping spree or a vacation, the smartest thing you can do with your money upon entering the working world is to monitor your cash flow. This principle lies at the very core of the basics of money management. A good practice is to record every purchase you make for a few months until it becomes a habit. This will make sure you are aware of how you are spending your money, and if you discover that you are spending more than you make, you will be able to figure out how to cut back. Make use of smart mobile apps that can help in tracking your spending or simply record your purchases in a diary or on your phone.

  1. Insurance before expenses

You might think that foregoing insurance helps save a bit of money for personal expenses, but in reality, it may come back to haunt you. What’s crucial to a sound financial strategy is to buy the right insurance policies given you have started earning just now.

That’s why, getting a term insurance will be an affordable option for you to consider. At your age and with your new earnings, Aegon Life’s iTerm Plan is the most economical life insurance plan you could go for. The reason? iTerm Plan offers financial security to your loved ones at pocket-friendly premiums in case something happens to you. Your family will get a regular monthly income just like they do when you are around. Plus, you can increase your life coverage amount later, when you start earning more.

  1. Create saving goals for future investments

As you grow in your career, it’s only natural to scale up by buying your own car, investing in property and more. For instance, take help of an education planning calculator to help you determine your savings for an advanced degree. The sooner you keep aside small amounts of money for future expenses, the easier it will be for you to spend effortlessly when you arrive at that situation. Therefore, financial planning is key to buy big-ticket items. You will eventually realise how easy it is to stay start investing, use those funds for fulfilling your big dreams.

  1. Set up an emergency fund

Even if you have just landed a job, it is not necessary it will remain so forever. That’s why it is critical to have a backup plan in case you lose your job or have a medical emergency. Investing in ULIPs will foresee all the contingencies. This means, after the initial lock-in period of 5 years, you can partially withdraw an amount that can sustain you in the time of an emergency.

To sum up, your first job is the first step in the financial world. That means it’s crucial you create the right financial plan, so that your hard-earned money gives you the right benefits.


Calculate premium for your Term Plan

  • Y N
    • Annual Income
    • Sum Assured
    • Select Cover Upto Age
    • Name
    • Mobile
    • Email ID
Your Annual Premium for Aegon Life iTerm Insurance Plan

RELATED ARTICLES