Creative: I am a 25-year-old woman and just started working. How should I plan my financials?
Answer: Early on in career, identify your immediate and long-term priorities. Pay-checks in the initial months of your career should go towards creating and bolstering an emergency fund which should be at least 6 months of household expense. This would be to avoid financial mishaps in career jolts and meeting exigencies. Keep 3 months amount in savings account and rest in short-term or liquid Mutual Funds. Once you have set up your contingency fund, it is time to cover risks, primarily to life and health, including parent’s health if they are dependant on you. Have more queries? Feel free to write to us.
Answer: Early on in career, identify your immediate and long-term priorities. Pay-checks in the initial months of your career should go towards creating and bolstering an emergency fund which should be at least 6 months of household expense. This would be to avoid financial mishaps in career jolts and meeting exigencies. Keep 3 months amount in savings account and rest in short-term or liquid Mutual Funds. Once you have set up your contingency fund, it is time to cover risks, primarily to life and health, including parent’s health if they are dependant on you. Have more queries? Feel free to write to us.
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