Money Talks # 25 ???? - Salary gone by 10X, Expenses too !

A typical employee is getting a salary hike every year. If he/ she is good performer, promotion with better hike is also possible. If you look a career graph of a serious employee, we can observe that they are getting at least 10 times of salary hike from their starting salary. Mostly this income hike will add up to their lifestyle expense too. Family must have increase from bachelor to spouse and children. This lead to more expense plus inflation also catching up on spending kitty.?

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Each time, when you receive more income, it could be bonus or salary hike. Some or other reasons, expenses will also rise. What could be the solution for this ?

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1. Don’t increase the your expenses, along with income rise. Always, if you receive any additional income, transfer that extra amount to your emergency fund. Increase monthly expenses only if it is necessary.?
2. Increase your EMI contribution ( Loan monthly payment, which help your debt free journey faster)?
3. Increase your SIP contribution ( Help your wealth creation )
4. EMI and SIP is your automatic investment, this will help you keep your discipline in tact.?

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It is always, good to have a proper financial plan for you. A good plan will help to manage these changes easily and achieve your financial freedom journey.?

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Happy investing.

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