First Salary Plan
A calm, step-by-step approach for new earners.
TL;DR
Set up auto-savings first, build an emergency fund before investing, understand your EPF, start a small SIP when ready, and don't rush big purchases. Take 6-12 months to get comfortable.
Step-by-Step Plan
Set up auto-transfer
Move 10-20% of salary to a separate account the day it arrives. What you don't see, you won't spend.
Build emergency fund
Save 3 months of expenses in a savings account or liquid fund. This comes before investing.
Understand your EPF
Check your payslip for PF deduction. Your employer matches it. Let it grow.
Get health insurance sorted
If your company provides it, understand the coverage. If not, consider a basic plan.
Start a small SIP
Once emergency fund is ready, start ₹500-2000/month in an index fund. Consistency matters more than amount.
Wait before big purchases
Give yourself 6 months before buying a car, expensive gadgets, or taking loans.
Common Mistakes to Avoid
- ✕Buying a car in month one
- ✕Co-signing loans for others
- ✕Skipping health insurance
- ✕Investing without an emergency fund
- ✕Trying to "treat everyone" every payday
- ✕Ignoring EPF and tax documents