15-Nov-2017 written by : FSI-Team
So, after spending years in college, completing multiple internships, and appearing for multiple interviews you finally grab your dream job. You feel on the top of the world as if all your wishes have come true. However, little do you know that there are several financial challenges ahead of you that you need to overcome. These are:
The largest number of jobs are available in the metro cities of India, i.e. the likes of Delhi, Bangalore, Mumbai, etc. So, chances are that you will be shifting to one of these cities (unless you happen to have a residence in the city already).
While the tier-1 cities in India do offer some of the best job opportunities, they also have the most expensive accommodations. You should easily expect to shell out as much as 15k to 30k for a decent furnished/semi-furnished 2BHK flat in Mumbai or Bangalore, etc.
So, not only you have to spend a fat chunk of your salary on the rent, you can’t afford to make the payments late too as it can affect your CIBIL report.
When you take the first step on the ladder of your career, it's possible that you are carrying a baggage of debt. It could be a personal loan, student loan, etc. However, that could make it quite challenging to manage your finances.
This is because when you settle in a new city, in a new company, you already have all kinds of new expenses to deal with. And unless you get rid of the monkey on your back (in this case- the debt), you can’t fully enjoy your professional life or even start making some decent savings.
When you join a new company, it can be difficult to fit in. This is because you are an outsider with no connection with the ones who are already working there for years. The current employees already have a strong bond that keeps them together. So, it's really important to (when in Rome) do as the Romans do.
To get close to your colleagues you have to try hanging out with them after work as much as possible. So, bars, pubs, movies, etc. are some of the things you will need to frequent. You would also want to upgrade overall lifestyle with expensive clothes, personal gadgets (smartphones, etc.), two-wheeler or four-wheeler, etc. All this will cost money, but you can’t ignore it because as wrong as it sounds, it's the best way to develop a strong personal connection with your colleagues.
Just don't take a personal loan for your lifestyle expenses. That could end badly.
They say "dress for the job you want, not the job you have", and they are right. The way you dress at work plays a big role in your career. However, to implement this idea you usually have to do a lot more than just buy a few top-class formal shirts, trousers, etc.
Apart from upgrading your office-wear collection, you have to invest in your skills too. So, you may want to enroll in a part-time course that can be really beneficial for your career, or maybe buy a better laptop that can help you do your job, etc. There are all kinds of things you can invest in for the betterment of your career. However, considering that most first-time jobs don't often pay a lot, it can easily be a challenge of its own.
Believe it or not, personal finance management can be as difficult in the beginning of your career as in your prime years of the same. This is because as your salary increases and you jump positions on the corporate hierarchy, your expenses, investments, etc. also increase. However, this doesn't mean it has to be too complicated. Just get control of the things before they start controlling you.
You are mostly free to do whatever you want to do with your money.