You’ve just bagged your first job. You’ve toiled for a month, learning the basics and putting in extra time and effort to learn the rope. And now you’ve been rewarded for your hard work, determination, and patience with a simple message that says, ‘salary credited’!
Having your first pay check come in after having been reliant on parents for money is one of the most joyous and memorable moments in a young adult’s life. And the opportunities that an income can offer are vast. You can now buy the latest smartphone that you’ve been wanting to. Or you can send your parents on a vacation. You can renovate your home or buy the latest gadgets. These are endless expenses that can be satiated with your income.
However, the foremost important thing to do when you start to earn is to save. Yes, saving and investing your money helps it to grow over a period of time. An early habit of saving ensures that you have a better latter half of your life, when you may no longer be working and earning a steady income. You can then use this money to buy a house or for some other major expense or to simply retire with wealth.
When it comes to savings and investing, there are many options available that can help one achieve their goals in the long term.
One can go the traditional way of saving by putting aside an amount every month into public provident funds or PPFs as they are popularly known. These PPFs are offered by every leading national and cooperative bank. Even private banks offer PPFs. One can also start postal saving schemes available at your local post office. These are saving schemes that offer limited opportunity for growth but have a very low risk of losing out on the principal amount.
On the other hand, for a mid-risk appetite, one can opt for mutual funds that help you to invest a fixed monthly amount called as SIPs or Systematic Investment Plan for a pre-determined period in the selected mutual fund scheme. If one is a high-risk taker, then investing directly in the share market by buying stocks for a long period of time is also a great way to invest and park your money for better growth and returns.
If we are supposed to save a part of our income, how can one undertake smaller but crucial expenses? The answer is by taking instant cash loans from NBFCs. This type of loan helps one to stay focused on saving and investing while also helping to achieve minor milestones in life.
SimplyCash, from the house of Hero FinCorp, offers instant cash loans to meet emergency requirements such as a medical emergency or for any other unplanned expenses like home repairs and renovations or even for planned expenses like vacations and holidays so that you can continue to save your income while an unexpected expense can also be undertaken without breaking your saving pattern.
SimplyCash offers an affordable rate of interest and flexible EMI options with no collateral security required for loan processing. And since SimplyCash is an online cash loan provider, one can avail of a loan in a single working day.
One can avail anywhere between INR 50,000 to INR 1,50,000 through instant cash loans if you are above the age of 21 years, you are a salaried person or self-employed with a minimum income of INR 15,000 and have been working for at least one year.
All you need is your identity proof (Aadhar, PAN, Voter ID), residence proof (Aadhar, passport, Driver’s Licence), and income proof (6 months bank statement) and you will be assured of instant loan disbursal if everything is in order.
An absolutely important piece of advice for anyone who has just started to work is to save and invest their hard-earned money and when the time for some crucial, unexpected, or a demanding expense appears on the horizon, then go for instant cash loans.