This year most companies gives increment letters to their employees. And you may have your salary hike details. But it is best feeling to be valued for work that you put for your business. In addition, you can see latest news of business. Therefore, you will get reward in form of decent pay hike. For better understand see salary saving tips. Hence, check how to Budget your own salary.
How to manage your finances
However, extra money starts flow with your salary slip is good salary hike. It does not mean signal to go on total binge. Probably, financial planner advice to make right pick to invest. And most important is salary increase.
You need to have basic financial plan before you invest. And you need to update this plan every two to three months. Because, with hike in salary your cash flows are going to increase. So you shall plan to use them wisely for improving your financial health.
On other hand, if you have been give low increase. And denied to give hike you must be feeling unhappy. But this is not time to react in speed. You need to think over on how you can improve your performance. Because, for next year hike along with best performers.
Founder & Chief happiness Officer Amar Pandit advice not to react in quick. But, you must not hurt by taking rash decisions in long run. Probably, try to figure out why you have not given as expected amount. Hence, this helps you to receive increment next time. Therefore you can see few tips on how to manage distress.
Furthermore, if you are risk take investor like bank deposits as an investment option. And you have new options through offerings made by small finance banks. Because, FDs give you more return than more establish banks. Hence, bank FDs are give you from 5 to 7 percent returns. However, small finance banks have started higher returns up to 9 percent on FDs. To know more details see bank FD offers in market.
Another risk instrument in market is accident insurance cover. Since insurance have no tax benefits. And they are not pushed by brokers and agents. So, you must add insurance cover in your financial portfolio. Because, to ensure that your family remains safe. But if you choose to opt for such cover few things you need to keep in mind.
And you are planning for your retirement. Therefore you have two best options like Employees Provident Fund (EPF) and (NPS). But to create decent corpus for your old age you must have both option in your portfolio. If you want to sell your property see measures that impact of GST. And, seller has to pay stamp duty and registration charges before June 30. Hence, both these charges vary from state to state.
Finally, see how to manage monthly salary. Therefore check financial planning for salaried employee. And you can also see how tom manager salary wisely. For more details see best investment plan for salaried person. Hence, check salary management tips.