5 Most Important Things You Should Do With Your First Salary

Of course, the tradition of handing over your first check to parents is there, all thanks to Bollywood. And frankly, who said you couldn’t have it all?

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“Your account has been credited with XX,XXX amount.” Oh! The sheer joy that comes along with this notification is unparalleled. In fact, there’s no word to explain the euphoric feeling when you earn your very first salary. All those years of burning the midnight oil pay off as HR congratulates you after a nerve-wracking round of interviews. And after a month of slogging, experiencing life firsthand in a cubical on excels and powerpoints zoom, your wallet swells with the fruit of your labour. You might have already discussed this with your S.O. or maybe made a bucket list of how to spend the first salary. Of course, the tradition of handing over your first check to parents is there, all thanks to Bollywood. And frankly, who said you couldn’t have it all? You should and could! But if you aren’t exactly sure how to splurge your first salary (or maybe the 100th), here are things that you must invest in.   

#1 Invest In Your Family - Get A Souvenir For Your Loved Ones

A chikankari saree for your mum, a cologne for your dad and whatever your sibling may demand (now you are their genie - never forget that). These might not be very expensive, but nonetheless invaluable and precious for your loved ones. They’ll cherish the gesture forever. Remember the thought counts and not the bucks. You can always provide them a better lifestyle, once you have a sufficiently better income. 

#2 Invest In Your Obsession - Get One Thing From Your Wishlist 

Do not proceed with two items in the cart. Just one. The lesson here is being reasonably frugal. Allocate just 10% of your salary to get your first wishlist. Do not binge shop. Shopping gives you a high, like substances. Be wary. Don’t overindulge. 

#3 Invest In Your Passion - Spend On That Course Or Workshop Or NGO

Whatever your passion is. It could be a skill development course or a workshop you’ve long been planning to attend. It could be a social cause close to your heart. Just about anything that you are passionate about. However, the key is to be frugal with your first salary. If you can’t tick this off now, maybe in the next quarter. 

#4 Invest In Your Health - Spend On Wholesome Diet 

Now, this is something (most) youngsters forget like new year's resolutions. Plans were made. Channels were subscribed. Supplements were bought. Nutritionists were followed. That’s the bane of the internet. There are tons of bookmarks, but no benchmark set and saved. Being healthy is the benchmark one must set on a priority. It is the crux of your existence. It is the key to abundant life and a better career. And it all starts with a good healthy wholesome diet. Get rid of that junk. Get rid of empty calories. Spend on healthy food. It would be worth it. 

#5 Invest In Your Future - Get A Health Insurance Policy  

Someone might already have pitched you for life insurance and the like. They are absolutely necessary. However, getting health insurance should take precedence, especially when you are young. But, you may argue, you are already covered under your family’s floater policies or the group insurance policy of your employer? Not enough! *

Aap convince hogaye ki mein aur bolun? Chalo here are 5 reasons why you must grab a good health insurance policy with the best health insurance cover, as early as possible.

    

1 - Lifestyle Related Diseases 

While obesity is one that plagues the majority, even fitness-freak youngsters fall prey to many lifestyle-related diseases. It’s not just the sedentary nature of the majority of work, but also the stress associated with it. Besides hyperlipidemia, the other major lifestyle-related disease plaguing young and old alike is - hypertension. Add to the mix snacking processed junk, commuting long hours, pollution, and lack of proper sleep and you’ll have the perfect recipe for disaster. Good healthcare requires the best health insurance policy against all kinds of chronic and lifestyle-related diseases. A good health insurance claim would help you with medical tests that would catch any whiff of any ailment early on. *

2 - Medical Inflation 

Perhaps Covid-19 was a grim reminder of how good healthcare is expensive and inaccessible in a country that has one of the best medical infrastructures. The cost of treatment with expensive diagnostics increases relative to the skyrocketing expenses of medicines. Visiting a physician for even primary consultation would burn a hole in your wallet. However, subscribing to a good health insurance policy will help you ease the burden. It is more affordable to pay a premium annually and be covered by a policy than pay for your medical expenses from your own pocket. *

3 - Tax Exemption 

Under section 80D, you can claim tax deductions for up to Rs 25,000 for premiums paid on your health insurance policies. This not only reduces your burden of paying taxes but also hedges your savings. The deduction can be claimed from not only your own but your family's or dependent’s policy as well. The tax benefit is subject to change in tax laws.

4 - Inadequate Insurance Coverage 

Some of the insurance coverage (like the ones your employer provides) might be bare basic. It might not come in handy when the need arises. Check with your employer or online and get health insurance that also covers your family with the highest sum assured. *

5 - Safety Net 

For someone who doesn’t have a family or adequate savings, a good health insurance policy acts as a safety net. You never know when tragedy strikes and you are left to deal with it all by yourself. Every single penny counts. Make them count by only paying an annual premium. Put your first paycheck to good use by calculating premiums using health insurance calculator and buy appropriate health insurance coverage for you and your dependents. *

Before you scroll away, here’s a list of what a really good health insurance policy should provide you. 

• Maternity benefits *
• Diagnostics coverage *
• Cashless treatment *
• Pre and post-hospitalisation coverage *
• Coverage for daycare procedures *
• Coverage for critical illness *
• Low to reasonable co-payment *
• Tax saving *
• Coverage for alternative therapies (Ayurveda, Homeopathy etc) *
• 24x7 support 

* Standard T&C Apply

If you are looking for these and some more, then head out to get an alliance with one of the best in the industry. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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