What are you doing with your salary increment?
Having few extra bucks in hand is a happy thing. But sometimes we get carried away by the situation.
Here are some tips on how we can make best use of it:
- Invest for Long Term: Investing for long term may be one way to make the best use of hike.
- Increase the Investment: SIP top up provides an opportunity to create more wealth in long term.
- Save Tax with ELSS: With increased salary, increases income tax. Invest in ELSS mutual fund to save tax and create wealth simultaneously.
- Loans/ Credit Cards: Paying/Closing expensive loans / Credit Cards will be helpful.
- Building Emergency Fund: Increased salary can be set aside to build emergency fund.
- Increase Insurance Cover: Increase your insurance base plan or have a top up to increase the amount considering the rising cost of medical treatments.
- Spend on yourself & Enjoy your Success: You worked hard to earn your raise, so enjoy it a little. Set aside a portion of your increased income and treat yourself with a new course or a sport.
Invest Wisely, Stay Healthy & Wealthy
Source: HSBC Mutual Fund
An Investor Education & Awareness Initiative
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