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5 Best Tips To Become Financially Smart On Payday

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5 Best Tips To Become Financially Smart On Payday
February 01, 2023

One of the happiest days of the month is payday. The day you finally get to buy your favorite set of headphones, gifts for your parents, and a lavish lunch in a plush restaurant. As great as it would feel to finally have a sense of financial freedom and make your favorite purchases, you may also feel that you are running out of money towards the end of the month. So, it is better to thoroughly plan your finances right from the beginning of your financial journey and work towards the lifestyle you desire.

So here, we give you 5 smart money management tips on your pay day to never feel broke again.

  • Set a budget

    One of the most basic, yet crucial things to do to become financially disciplined is to set up a budget, and stick to it. Use a Google Sheets budget template, or any budgeting app to track down your income streams and your total expenses. Make a list of your fixed expenses, such as your rent, utility bills, EMIs, etc., and schedule them beforehand so that you’re always consistent and never miss out on your obligatory expenses first.

  • Invest before you spend

    Just as you receive your paycheck, inculcate the habit of setting aside a fraction of it (using the 50:30:20 rule) for investments. The earlier you begin building your investment portfolio, the bigger returns you’re going to receive in the future. One of the best investments to make early on is life insurance. You can consider investing in our HDFC Life Sanchay Plus to safeguard yours and your family’s dreams.

  • Don’t make impulse purchases

    It is easy to take advantage of the month-end sales offered by numerous e-commerce sites and buy things you didn't need. By making alluring offers, these websites try to trick you but you should resist the temptation. It is advisable to refrain from any impulsive purchasing activities that could jeopardise your finances in the future.

  • Verify your salary slip

    You receive a salary slip from your company as official documentation of your pay. It's crucial to verify your payslips because you will need to present them as proof of income when applying for a loan or buying an insurance plan. This is because your salary determines the amount sanctioned for the same. There are multiple websites and videos over the internet which can guide you about this. Alternatively, you can check with your CA about the same.

  • Build an emergency fund

    Your payday isn’t all about investing and saving for your desired lifestyle. Additionally, you must prepare for the unexpected by consistently maintaining an emergency fund. You can choose from a variety of options, including fixed income instruments to build an emergency fund depending on your lifestyle and risk appetite.

The best way to take control of your life is to manage your money well. There is no better day to do it than on your payday.

DISCLAIMER

This material has been prepared for information purposes only, should not be relied on for accounting advice. You are requested to seek advice from Chartered Accountant or personal advisor.

HDFC Life Sanchay Plus (UIN:101N134V16) is a non-participating, non-linked savings insurance plan. Life Insurance Coverage is available in this product. For more details on risk factors, associated terms and conditions and exclusions, please read sales brochure carefully before concluding a sale.

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ARN: ED/12/22/31002

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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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