Spring is here, and very soon your appraisals will be knocking your door. But before you open it, have you made your financial plan?
In India, in April, the 7th Pay Commission will come into effect for the central government employees and after some months forward, in July most of the private-sector employees will also get their congratulatory letter of appraisal.
Increment in salary means an additional cash flow. It is very important to “handle this situation well” because if it goes unplanned, people tend to go haywire with their financial planning. That’s not to say you shouldn’t spend more, but you should integrate it into your life in a structured way.
Financial increments are always welcome!! but with it we need to adapt with this change in a positive manner. Like we may become spendthrift and when that happens we need to recalibrate our spending habits. We need to see how and where our income hike should go. Here are some tips that may help you in such a situation:
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