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5 Habits to Inculcate As you Start your First Job

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5 Habits to Inculcate As you Start your first Job
August 16, 2023

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In this policy, the investment risks in the investment portfolio is borne by the policyholder

Starting your first job is an undeniable milestone in your adult life. While your paychecks bring you financial autonomy, they also bring you specific financial responsibilities. To better manage your responsibilities, you need to learn certain habits.

Learning financial discipline early on makes savings a regular part of your life, helps you prepare for contingencies, and nurtures a ready corpus to meet future milestones.

5 Habits to Inculcate When Starting Your First Job

1. Define your Financial Goals

Define your goals by creating a personal finance calendar for the year. Set financial milestones and plan how to achieve them. It's like drawing a roadmap to know what you're working towards and the steps needed to reach your goals.

2. Start Saving and Budgeting

Open a savings account, budget expenses, and save a set amount each month to build a balanced savings approach. Automate savings for at least 25% of your salary. Assess expenses to identify spending patterns and priorities necessities over non-essential purchases.

3. Start Building a Good Credit Score

A good credit score aids in achieving future goals, like buying a dream home at a favorable loan rate. Start with a credit card, pay dues on time, stay within the credit limit, and use funds responsibly. Repaying existing debts, such as student loans, also improves credit history.

4. Get Insurance Coverage

Prepare for the unpredictable with comprehensive health and life insurance plans. Insure yourself at a young age for lower premiums and tax benefits1. Health insurance protects savings during medical emergencies, while life insurance ensures financial stability for dependents. Moreover, popular plans like Unit-Linked Insurance Plans or ULIPs offer the dual advantage of insurance cover plus equity-linked benefits. So, you can insure yourself and build a corpus - all at once.

5. Start Investing in Your Future

Don’t wait until you reach your 30s to plan for the future. Sowing the seeds of investment today can help you reap attractive benefits in the next few decades. A straightforward approach to investment as a novice is simply segregating goals into short-term and long-term goal segments. Depending on your goals, investment horizon, and risk appetite, you can decide on specific investment products like ULIP, Mutual funds, Equity, PPF, etc.

To design the perfect investment plan, ULIP Calculator help you determine your premium payments and expected returns on investment vis-a-vis your risk appetite, investment horizon, and goals.

Conclusion

All good habits show results over time. The same is true for financial planning and investment. Defining your goals, developing a diligent budgeting habit, building a credit history, and preparing for emergencies can help you take stock of the future. Not just that, with a head start in the investment department, you can exploit the benefits of compounding and build up a sizable corpus by the time you retire. Tools like PPF, FD, and ULIP Calculator can help you understand the right investment strategy vis-a-vis your goals. 

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ARN - ED/08/23/3653

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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1. Tax benefits are subject to conditions under Sections 80C, 80D, Section 10(10D) and other provisions of the Income Tax Act, 1961. Tax Laws are subject to change from time to time.

The Unit Linked Insurance products do not offer any liquidity during the first five years of the contract. The policyholders will not be able to surrender or withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of fifth year. 

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