for new job entrants

Make Monthly Budget

Make monthly budgets before you start spending: Fresh starters often have a tendency so start spending as soon as they get their monthly salary in their hands. This might result into over spending in the first two or three weeks of the, while the rest of the days often don’t go as smoothly. It is wise to make a monthly budget and dividing it equally over four weeks, if possible. This would set limitations on spending every week.

For example: Let’s assume that after deduction of fixed monthly expenses you have Tk16000 to spend over the month. Try dividing the sum into 4 portions, which would make it Tk4000. This gives you an idea of the maximum sum of money you can spend each week

Allocate a budget for occasional spending: It is wise to allocate a small portion of your budget for special occasions that arises more or less every month. Occasions like friend’s birthday and dinner dates at expensive restaurants warrant for unexpected cost that you might easily over look while making your budget. Setting a separate amount of money for these events can save you from the financial hassle before the month ends.

Reduce Unnecessary Spending

Entertainment: While life can be dull without entertainment, it can be equally troublesome if a person overspends on entertainment. Sometimes, it becomes very difficult to cut spending on entertainments sources, like: Movies and parties, which can be tempting. But it’s imperative that one realizes their limitations and plan wisely on how much, at maximum, can he/she spend on these entertainments every week. Otherwise, they would run short of money when they require purchasing their weekly needs.

Bring a balance between needs and wants: It is wise to focus on our monthly needs first before spending on our wants. You can live without your wants but not without your needs. Usually, you needs are less expensive than your wants. Wants are fancy and tempting which might stimulate you buying them regardless of the financial consequences you might face in the long run.

For example: You need a mobile phone but you want specifically iPhone, which might be out of your budget. Or, you need a car for commuting but you want a Mercedes Benz.

Of course, you can spend money on your wants too. But it is essential to realize the lost opportunity cost of saving the money which would not only keep in intact for future spending but would also grow the money through interest earned.

Start Saving

Start a savings account: Start saving the spare money you are left with every month by opening a savings account. Savings account can come very handy not only to satisfy your long term needs but also your relatively regular needs, like: The best Smart phone in the market, the fashionable laptop etc.

Short term DPS: Forcing yourself into saving every month can turn out to be a good habit. You can open a short term DPS with maturity of 1 year or 2 years. A Tk1000 DPS per month can be affordable, if monthly budgets are made accordingly. At maturity, you can rip off the benefits of a fairly handsome sum of money for further investment or expenditure.

The next big spending: It is wise to prepare for the next big spending you might come across like: Vacation to your dream destination, buying your dream car, you marriage ceremony. It is imperative that you make prior plan and preparation by saving for such spending from the very beginning of your career. This would reduce financial pressure right before the spending.

Your retirement: From the very beginning of your career, you should plan for your retirement. Start with a savings account or open up a DPS. This can help you save up a bulk sum of money for the future and save you from the shackles of taking loans.

Manage your Income & Bonus: Keep track of your income and expenditure and think about how you could utilize you bonus at best. Try not to spend your bonuses on your wants as soon as you get them.

Tips for Young Entrepreneurs

SME Loan: Young entrepreneurs can face many hurdles while starting up, one of which is raising capital for the business. SME loans offered by UCB can be of great help in such situations. It can give you a boost which can help you launch your enterprise smoothly. At the same time, it can help you take our nation towards development.

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