Every woman must be financially independent in today’s world, Womoneysta is a great platform for females to learn financial management and new ways to create money and financial independence. The first Salary is not just money but your first achievement which takes you one step further to be financially free.
It is very important to plan things for your first salary spending, this will help you use money in a very productive manner and create a pattern ensuring your own personal growth. Women should learn to manage their money and use the right amount at the right place. Womoneyst is here to help you with all your queries.
What to do with the First Salary?
First Salary comes with a lot of responsibilities. To learn to manage it and see the growth, the Womeneysta platform is anytime ready to provide you with personalized guidance for the same. Mentioned below are the steps that one should follow to manage their first and every salary well.
Two Bank Accounts
Get two bank accounts which will include one spending account and one savings account. Right after getting your salary transfer 20% of your salary to your savings account, keep 30% for the wants and the other 50% for other needs including groceries, rent, bills and all.
Categories
Spend your money catogeriwise, write down all the categories you are spending money on every month. This helps you in knowing the budget for every category including rent, groceries,shopping and more. Budgeting can also be done through various applications including Axio, excel sheets,and even womoneysta’s budgeting tracker. Continue this activity for straight six months to keep a track record of your spendings.
Mutual Funds
The remaining portion of your salary should be invested in mutual funds after good research. To learn about the world of mutual funds you need to create a diverse portfolio. Just choose one safe debt mutual fund which will provide you 6-8% of stable return and you can also choose any gold fund to add diversification to the portfolio.
Health insurance
Research and find health insurance as per your budget, it can be anywhere between 1000/- to 2000/- per month. There are different plans for health insurance choose as per your needs, also always add your family members name to the health insurance.
Why Every Women Should Learn To Manage Their First Salary?
Wondering why it is important to learn to manage your first salary?
Financial Freedom
Once if you learn to invest the money in right place it makes you free financially and you know what and how much money is to be spent at what things.
Future Security
Money savings are really important to ensure a safe and secure future. Emergencies on you and your family can be managed easily if you have enough savings and freedom.
Conclusion
To be financially independent and learn to manage the money well. You need to take a step ahead at womoneysta. They are providing the best and most affordable courses for women to let them feel more financially stable and stress-free, also making them feel safe for their future plans.