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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Looking out for a job change is evident. This migration could be for multiple reasons, but you should keep track of your finances while you switch gears into new beginnings. In this article we will discuss four steps you should follow to avoid a financial sidestepping or mishap.
Check bill due dates
The salary cycle for every company is different. If your new salary date is not in line with your credit card bill payment or EMI dates, you may reach out to the bank or the lending institution and request that they change the due date as per your new salary date.
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If you have any automatic bill pay or scheduled transfers linked to your account, pause them for a while unless you get a steady flow of cash from your new job. In the meantime, you may choose to make manual payments.
Revisit your budget
A lot changes when we change our jobs. So, it is a good time to look for those changes and address them as per requirement. Also, check how much these changes are impacting your finances so you can avoid any potential issues.
Some of the basic factors impacting your budget are:
1. Travelling and transport costs
2. Food expenses
3. Healthcare expenses
Consider these points while you redraft your monthly budget. A calculated budget that includes new expenses and income will help you smoothly operate your finances.
Check your new benefits
A job switch brings with it new perks and an updated pay cheque. Consider all of the benefits that come with your new position, such as medical and rent allowances. It is always a good idea to be prepared for the financial changes that will occur as a result of your job change. This will help you to reallocate your funds wherever required.
Prepare to save more
Now is your chance to save more with extra money coming into your account. Celebrate your achievements. At the same time, make sure you are properly utilizing your new salary.
This will be an ideal time to put together an emergency fund; open a separate savings account to deposit a specific amount as a contingency fund on a monthly basis.
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Kotak811 offers a zero balance digital savings account where you don’t have to pay any maintenance fees and it is not mandatory to keep your account funded at all times. Such an account will be ideal for your emergency fund. The digital zero balance savings account also comes with a preloaded virtual debit card and an all-in-one app to take care of all your financial requirements. If you wish, you can also apply for a #DreamDifferent credit card.
Take away
With time, our financial goals change, but a job switch is the perfect time to refuel our goals with new motivation and money. As you move up the ladder in your professional career, never miss an opportunity to increase your savings, explore new goals, and achieve more.
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