{"id":2532,"date":"2022-01-27T08:22:12","date_gmt":"2022-01-27T02:52:12","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=2532"},"modified":"2022-01-27T12:09:45","modified_gmt":"2022-01-27T06:39:45","slug":"what-to-do-when-you-get-salary","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/what-to-do-when-you-get-salary\/","title":{"rendered":"11 Important Things To Do When You Get Your Salary","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Have you been lately thinking of utilizing your salary in the best possible way so that you can spend, save and clear off debt before time?<\/span><\/p>\n
Well read on, we have you covered in this article that speaks about 11 important things to do when you get your salary.<\/span><\/p>\n
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If you are anything like my previous self, salary for you is that elusive, dreamy entity that comes after a long wait, and vanishes fast, usually leaving us clueless as to where it all went.\u00a0<\/span><\/p>\n
Like a lot of salaried people, I had poor money-management skills. <\/span><\/p>\n
As a consequence, I would find myself borrowing petty cash from family members towards the end of the month for basics.<\/span><\/p>\n
such as commuting to the office and tiffin. <\/span><\/p>\n
This cycle continued until I made some serious contemplation, checked my spending patterns, did some research on the internet, and came up with this.<\/span><\/p>\n
11 foolproof ways to handle salary such that I was spending, saving, and even investing – something that I had never done before.<\/span>
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\n<\/span> Interestingly, salary is derived from the Latin word \u2018sal\u2019 meaning \u2018salt\u2019. <\/span><\/p>\n
Salt was as precious as gold in ancient times, mostly due to the difficulty in its procurement. So people were paid in salt instead of their hard work. <\/span>
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\n<\/span> Let\u2019s ditch the etymology and dive into those 11 important things to do with your salary.<\/span><\/p>\n
The first category of expense you should deal with is utility bills. Utility bills include rent, electricity, water bills and gas bills. Some additional utilities include phone bills, internet and cable bills.<\/span><\/p>\n
Missing out on payment of utility bills may mean late fines and disruption in service. You can set yourself reminders to enable timely payment. <\/span>
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\n<\/span> Add to the above list your housing maintenance fee and fees to your service people – driver, cook and house helper. These are folks who ideally should be paid within the first 7 days of every month, preferably within the first 3 days of the month.\u00a0<\/span><\/p>\n
Almost as equally important as paying utility bills is paying your mortgage and loans. Loans must include any loan that does not incur interest. For example, the loans taken from family members.<\/p>\n
Your loan and repayment history affect your credit score,<\/a> and therefore repayment or interest payment cycles should be taken seriously.<\/p>\n A good credit score qualifies you for bigger loan amounts, should you need any. Eligibility for most credit cards<\/a> is also dependent on your credit score.<\/p>\n <\/p>\n One of the most vicious debt traps that millennials fall into is not paying their credit card dues<\/a> on time.<\/p>\n Credit Cards earn interest on interest, and you should ensure that you pay the total outstanding amount within the 50-day credit-free period.<\/p>\n A lot of people think that paying only the minimum amount due will be enough. However, the minimum due usually constitutes only 5% of the outstanding balance and is levied to ensure the smooth functioning of the card and evade late fees.<\/p>\n You still accrue interest upon the outstanding amount, and before you know, you\u2019ll have a huge amount of unpaid outstanding + interest to be paid.<\/p>\n Eventually, credit card department agents start hounding you with phone calls and visits to pay off the amount. You definitely don\u2019t want that to happen.<\/p>\n A credit Card is a wonderful tool that helps in saving money<\/a>.<\/p>\n Pay your Credit Card outstanding
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