Receiving the first salary credit to your account was indeed a top-of-the-world feeling. Right? However, you will
realise that earning the salary is perhaps the easy part, the bigger challenge is to manage it efficiently to meet
future goals. Now, managing your money doesn’t just mean meeting your day-to-day needs and wants but also about
being able to save up a part of your salary with an aim to attain financial independence.
So, if you are struggling to manage your salary, consider yourself lucky that you’ve landed up at the right place.
These tried and tested, simple yet super effective tips can help you manage your salary efficiently.
1. Track your money –
The first step towards good management of money is to know where every rupee goes. You can maintain a record of
where you spend your money to have an idea of how much your monthly spending is and manage it. This might seem like
a daunting task at start, but if you do practice every month, dedicatedly, you might successfully control your
expenses.
2. Create a Budget –
Planning can help in managing your finances properly. If you can make a budget for monthly expenses, you will know
what the outflows are. To begin with, you may pen down your ‘what are you’re spending on vs. what you want to spend
on’ expenses to cut down on the unnecessary expenditures. Followed by, apply the 50-30-20 rule and see the
difference. i.e. 50% for your needs, 30% for your wants and 20% for savings and investments.
3. Set Financial Goals –
It is important to set yourself some financial goals and work towards achieving them. You can start by listing down
short, medium and long term goals separately. For example, buying a bike or planning a mini vacation can fall under
the short or medium-term category. Whereas, planning for a happy retired life or your child’s education could be
termed as a long-term goal.
4. Start Investing Early –
Leaving your entire salary idle in the savings account is not a wise idea. You should have enough money in the
savings account for your everyday needs and for emergencies, however investing your extra money could be a lucrative
option. The best time to invest was yesterday but the next best time is right now. If you’re a beginner, you can
start a SIP in mutual funds with as low as Rs.500 investing to earn potential returns.
5. Save Tax –
When you earn a salary, you will have to start paying income tax at some point in your life. However, there are
smart ways of reducing your taxes by making tax-deductible investments. You can invest in an ELSS (a type of SIP
investment with a minimum monthly investment of Rs. 500) that will give you the double benefit of tax deductions as
well as potential appreciation.
6. Build an Emergency Fund –
The future is always uncertain and it helps to save some money for an emergency on account of illness or a job loss.
It is advisable to put aside a small part of the savings towards a contingency fund that is liquid and easily
accessible.
Managing your salary is the first step towards achieving financial independence over a period of time. The golden
rule is to start managing your salary from the first paycheck and be consistent. This will help you enjoy passive
income over a longer period of time. Just allow professional fund managers to manage your investments while you
focus on building your career and keeping that paycheck growing.
An Investor Education initiative by ICICI Prudential Mutual Fund.
Visit www.icicipruamc.com/ note to know more about the process to complete
a one-time Know Your Customer (KYC)
requirement to invest in Mutual Funds. Investors should only deal with registered Mutual Funds, details of which can
be verified on the SEBI website www.sebi.gov.in/intermediaries.html For any queries, complaints & grievance
redressal, investors may reach out to the AMCs and / or Investor Relations Officers. Additionally, investors may
also lodge complaints on https://scores.gov.in if they are unsatisfied with the
resolutions given by AMCs. SCORES
portal facilitates you to lodge your complaint online with SEBI and subsequently view its status.
I. Know Your Customer (KYC): • A recent passport sized Photograph
• A Proof of identity – A copy of your PAN card
• A Proof of Address – A copy of your Voter ID card, Passport or Driving License
To invest in Mutual Funds, you will need to complete your Know Your Customer (KYC) requirements. You can do so by
visiting any AMC branch or nearest Point of Service and submitting the completed KYC Form along with all the
required self-attested documents.
Individual investors would be required to submit the following documents –
If you are already KYC Verified and would like to update any of your information, you can submit a completed KYC
Details Change Form with the required self-attested documents at your nearest AMC branch or Point of Service.
II. SEBI registered Mutual Funds:
We advise investors to make informed decisions and are cautioned to invest only with SEBI registered Mutual Funds.
List of Registered Mutual Funds is available at
https://www.sebi.gov.in/intermediaries.html
III. Complaint Redressal:
For any queries, complaints & grievance redressal you can reach out to us at enquiry@icicipruamc.com or call us on
1800222999.
If you are unsatisfied with the resolution or wish to escalate the matter, you may write to Investor Service Officer
at servicehead@icicipruamc.com. For this purpose, Mr. Rajen Kotak is the Investor Relations Officer of the Mutual
Fund. He can be contacted at 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East),
Mumbai – 400 063. Tel No.:022-2685 2000, FAX No.: 022 -2686 8313.
In case the investor is not satisfied with the resolution given by AMC, he can approach SEBI by registering his
complaint on SCORES (SEBI Complaints Redress System) through https://scores.gov.in/scores/Welcome.html
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
