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Financial Advice For New Salary Earners

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Starting a new job is an exciting time, especially if it is your first paying job. Going to work everyday and receiving a salary at the end of the month is the easy part, the hard part is finding ways to work with your money that allows you to meet all your expenses and still have some money left over until your next pay date. 

If you are unsure of how you are going to get through the month, you can follow this financial advice to help you find methods that help you save. 

New salary earners will soon see that one of the easiest ways to cut back on spending money is to get a car lease and save.  

Financial Advice For New Salary Earners

These financial tips should help you make wise decisions when it comes to how and when you spend your money. Find the ones that can easily be included in your financial plans. 

1. Manage your debt

Be sure to stay clear of loans for as long as you possibly can when wanting to purchase big things such as a house or car. 

Choose the option of renting or buying until you can save enough to have a huge deposit to purchase and get a smaller loan to help square up the balance. 

Try to also manage any extra spending you might have so that it doesn’t exceed your income. 

2. Create a budget

Putting together a budget is a smart plan to make sure that you do not overspend, work out how much your expenses are and try to save some of the money that you earn so that you can build on your savings each month – contributing a small amount of money to your salary. 

3. Maximise on your tax savings

If you are paying into a pension fund, you are likely able to get your tax reduced. 

You can claim tax credits. This is an option for people who earn a low-income and have dependents. 

You can also use the personal allowance option to save on tax. This is for people who have properties that they rent out or the payments they receive from their pension funds. 

Check if you overpaid for tax and claim the refund, you can also claim employee tax benefits. These employee tax benefits are claimed from the employer for services offered at work that might be deducted from your salary whether you use them or not. 

If you are married, you can also claim a marriage allowance, this allows for less tax to be paid if one person happens to fall underneath the tax bracket. 

You can also claim tax-deductible expenses, keep all your receipts of travel for work, items bought or things needed that you paid for to qualify to get money back on purchasing business-related items. 

4. Use fixed deposits

Tying up some money in a fixed deposit for a period of years can help as you draw off the interest and save the money until it matures after the time period. 

Another option is to invest in a retirement policy aside from any pension plan or provident fund your work might be contributing to as well. This secures an extra income if you are no longer working and receive monthly payments. 

5. Put together an emergency fund

Have money put aside for those unplanned emergencies and expenses that might pop up. Usually these tend to happen at a time when you are not prepared financially and unable to find another way to cover costs unless you turn to a loan which then might put you in financial strain and debt. 

6. Get a life and health insurance

Invest in a life and health policy so that you can provide security for those around you in the event that you are no longer around to do that yourself. 

It is important that you firstly check the benefits as well as the terms and conditions of the policy that you decide to invest in so that you are not wasting any more. 

Find policies that offer cash back options after a certain time period as a reward of being a consistent payer as well as trying to find one that allows for the minimum fee that gives at least a proper coverage. 


Spending your hard-earned money can be satisfying especially if you are using it to purchase things you once could not afford to. 

Remember, to keep in mind that saving your money for a future time can be just as exciting then wasting it all in one go. Ensure that your needs are met first before you consider spending money on your wants. 

Try to save for the big things while making sacrifices now to enjoy living debt-free and happy! 

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