Working women salary arrears payment investment: If you are a working woman, then it is possible that your appraisal may be credited in the salary of May 2024 and you may get the arrears money. If not this month, then in the next few months, there is a strong possibility of getting bonus, performance linked bonus (PLI) and arrears money for corporate employees. You get the result of your hard work of the last financial year in these few months.
You must have planned where to spend this money. Buying an iPhone or buying that Zara dress of your choice which is a little more than your pocket can afford. Upgrading the TV or planning a long vacation. If you are planning to spend the money received in arrears, then wait a bit. Instead of spending this money completely in excitement and enthusiasm, here are two important advices for you. Want to buy a dream car with your salary? Buy a new car or an old one? Know the 5 advantages and disadvantages of both
First of all, know that your bonus will be given to you after deducting TDS. So if you are targeting 90% of your fixed amount, then assume that the amount coming into your account after tax on it will be 10% less. However, where you spend your money depends on your immediate needs and goals and you are completely free to take a decision related to this. But we will advise you to do two important things. First, prepare an emergency fund.
1- Usually financial planners give a budget of 3 months and sometimes 6 months for emergency fund We believe this to be true. You can start from three months only. Withdraw a part of your monthly salary in the name of this fund but keep in mind that the amount of this part will be, you have to set it up by calculating that you have to save the total amount of your fixed and almost essential monthly expenses in the multiple of three months. This includes your EMI, electricity internet bill, PNG gas bill, children’s fees, regular medical expenses – of you and other family members – the amount you have to save, that too in three times.
Emergency Fund will give you peace and courage in difficult times. You can use it in case of job loss, salary stoppage or any sudden expense. Get more information about this here- Women must do this work before investing, the complete method
2- Tax and investment expert Balwant Jain says in response to this question related to arrear money Although you should start SIP (Systematic Investment Plan) with your first job, but if you haven’t done it yet, do it now. Investment in Systematic Investment Plan depends on when you started investing, along with this, the ratio of returns from investing in mutual funds will also be there. Balwant Jain also advises investing in Aggressive Hybrid Fund. Although you have to invest this amount every month, but you can start it with this amount. For more such information related to women and personal finance, you can click here.
Tags: Business news, Investment tips, Money Making Tips, Poor money management skills, Women’s Finance
FIRST PUBLISHED : May 31, 2024, 11:58 IST