Don’t Be Fooled! Make Your Salary Earn for You!

1^st April – it’s that day of the year when you can have a good laugh by pulling a prank on your friends! It is also the first day of the new financial year. To recreate and relive magical moments of fun, we need to think are we doing enough to earn these. Are we being a fool ourselves by just banking on our salary to provide for us? Confused? Don’t be! Your salary can earn you more money as you will see.

If you want to reap financial blessings, you have to sow financially. – Joel Osteen

Wise men over the years have always emphasized the need to save as you earn! Well, we all know how that goes especially with temptations like eating out, movie dates, that pair of shoes and so on. But you know what! You can actually not only save but grow your money with a little discipline.

It is common to see people with sound financial planning to secure their future by investing in various financial instruments. But on the flip side most of these funds have lock-in periods making them inaccessible for long durations. Thus, short- term goals like owning a laptop or gadget, gifting a dear one, taking a vacation, pursuing hobbies, etc. often are left unfulfilled. So what bridges the gap between the wallet and the dreams?

We have all heard of EMIs or Easy Monthly Installments that are most synonymous with material possessions like a house, car, gadgets, education, payment of bills and credit cards, etc. wherein you end up paying a sizeable portion of your income to pay for tangible assets.

Have you ever thought of an EMI that can help you grow your money giving you easy access to it at the same time? This is an option that most people tend to overlook or are even unaware of. When it comes to financial planning people tend to park their funds in instruments like Fixed Deposits or savings accounts hardly earning anything but do not consider investments like liquid funds that give a better interest at a great liquidiy. Irrespective of your earnings and expenditures, you can start with as little Rs.500 or Rs. 1000 at the beginning of each month and put it aside in a liquid fund that you have easy access to like Money View’s Savings+. With easy withdrawal, no fees to withdraw funds at any time, you will earn much more than your Savings bank account or an FD. Isn’t this a good EMI that can help you achieve many short-term dreams and make your salary earn for you?

Such investments in liquid funds have many benefits:

• Short term and prudent investments like this enforce financial discipline and help channelize your earnings towards more fruitful purposes.
• The best part of such investments is that you do not have to bother about the amount and you can start with any sum that suits your pocket.
• Gives you anytime access to your funds — put in funds and withdraw at your convenience.
• Most importantly, it lets you have fun while you are earning and gives you the pleasure of watching your salary earn for you!

So beginning this 1st April, park a part of your salary in liquid funds. Do this every month and get more from your salary.Y

Gautami Sen is an MBA having majored in finance. However, she now fuels the creativity in her through various passionate pursuits like writing, painting and honing her culinary skills.