You just cracked the job interview and are ready to take on your journey to start your new job. However, if it’s your first job or you have switched for a better opportunity, you should be very cautious about how you spend your salary and, more importantly, how to save more money. Though a salary increase might tempt you to spend some extra money here and there, you need to find a way where you can spend better and save more money at the same time. It is always rewarding to start saving and investing from the beginning, which can eventually help you fulfil your short-term and long-term goals. Here, we discuss how to save more money in your first job only.
How to save more money: the right tips and tricks
- Begin saving from the start of your profession to create a sound corpus and an emergency fund. Try to save 20-25% of your salary. You can take a gander at choices that help save money on taxes for assets, such as a Gold investments or equity-linked saving scheme.
- Set clear and right goals from the beginning, as that will provide guidance. Assuming that the goal is long-term, your investment funds will profit from the force of compounding. Whether you need to purchase another bicycle, a tech device, or a vehicle in 5 years, characterize the goals. Indeed, even a critical choice like beginning an endeavour all alone in certain years must be described at this stage. Putting forth goals and their timelines help in better resource allocation. If you intend to be independently employed, utilize this chance to develop satisfactory savings through investments with low lock-in periods.
- Having high-end investments at this stage may not be possible. Monitoring pay and costs for future investments are ideal. Say about incomes and expenses. Think about the rent and EMIs, and save that sum.
- Practically all banks offer automated options between your checking and savings accounts. For example, you can pick when, how much and where to move cash or even split your immediate deposit with the goal that a part of each check goes straightforwardly into your bank account.
- Review your financial plan and look at your progress consistently. That will assist you not just in adhering to your investment funds with arranging, yet in addition, distinguishing and fixing issues rapidly. Understanding how to save money might cause you to track down more ways of saving and achieving your goals quickly.
How to save more money with Multipl?
With your first paycheck, think of increasing your purchasing power and making the right amount of savings. With the Multipl app, you can create a goal for yourself, whether short-term or long-term. Define the purpose and the time you wish to achieve that goal, and Multipl helps you create the goal. It gives you the option to auto-invest by deducting the money automatically on the stipulated date, and your money will be invested towards your goal. You also get reward points for every goal that you save. Multipl encourages spending smarter and saving more by redeeming these reward points against brands like Flynote, Yatra, MMT, EaseMyTrip , tanishq, PC Jewellers, Livspace, Chroma, etc.
With the Multipl app, you can spend better from your salary and save at the same time by creating simple goals on the app without compromising on your lifestyle and expenses. In addition, the rewards and offers that you get help you save even more, and you can fulfil your dream of visiting an exotic destination or buying a new house.
Also read- How to Spend Smarter to Save Better: Multipl Exclusive