Monday, February 23, 2009

Managing Money

If you are thinking of changing your job, you need to do more than manage your new career-you need to take a few quick financial decisions.

Depending on what these are, you need to chalk out a financial strategy for yourself and your family;

You need to begin with tracking your expenses for a few months.

You may find that a new job and/or a bigger pay cheque can affect your spending.

Check out what your gross pay is as opposed to your net pay. Net pay is your take home after taxes, and your-spending pattern should be based on this as opposed to your gross pay.

When you change jobs, it is tempting to withdraw your provident fund. But remember, any benefits of letting that money compound tax deferred will vanish if you start at zero in your new job. Worse, you may be tempted to spend the money on things that are unnecessary.

Insurance options. Find out the type of insurance- cover being offered by the new employer.

How does it compare with what you already have?
Go ahead and strike the best deal money wise.

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