Information Portal for Employee HRMS, Finance, General & Tech

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If we get a satisfying new job we feel at the top of the world. But with the new job, securing the financial future becomes all more important. Financial independence comes with financial responsibility. Personal financial planning helps you achieve your objectives without any difficulty. From buying a new car to buying a new house, we all plan our finances. We also try to remain ready for the uncertainties. Month-end crunches are common for even higher-salaried professionals. Here, I am just giving you simple tips to save money for your future financial needs.

Maintain a monthly budget
For all the new earners, monthly budgeting is quite crucial. One can use different strategies or methods to plan their monthly expense. In this regard, you can take the advice of your mother. No one can guide you better than her. Budgeting is important throughout one’s life and not just in the beginning years of the career.

Investing in life and health insurance
These are the two types of investments that no one should avoid in their life. Life insurance should be the first investment. This type of investment provides a tax savings safety net to your family and a sense of security. Before selecting an insurance policy one must do adequate research about the insurance policy that suits their interest and preferences. Here, we can help you in many ways.

Loans and debt management
However efficiently we plan our finances, we have to take some kind of loan to meet our big expenses like home loans, student loans, car loans, etc. Sometimes employees end up taking much more debt than they can handle. Remember that one must be very cautious while making any unnecessary purchase.

Taking credit cards for lucrative offers sometimes causes one to spend more than a person can afford. Taking credit cards needs thorough research. You must practice caution before taking a credit card from the market. Make purchases according to the capacity or cash flow.

Tax savings
Understanding a nation’s taxation system is essential for all employees. You earn your money by hard work, and it should not be wasted anyhow. Investment saves your taxes. But sometimes due to lack of knowledge or ignorance, employees end up paying higher taxes. Many investments are exempted under section 80 C of the Income Tax Act. The employee must be made aware of tax-saving systems. Here we can help in many ways.

Investment in Public Provident Funds (PPF)
EPF is a highly supported scheme of the Government of India which provides monetary benefits to all employees especially after they retire. Both the central and the state governments support this scheme. All organizations having more than 20 employees has to register themselves with the EPFO (Employee Provident Fund Organization).

Monthly contribution from employees’ salary is directly contributed to the employee EPF account. There is a separate UN number with the help of which employees can regularly check the collected amount. The major benefit is that even if an employee leaves the company the EPF account is taken up by the new company. This is how an employee gets a huge amount after retirement.


Both employers and employee mandatorily contributes a definite amount to EPF. A portion of the basic salary is cut for contributing. The current contribution is restricted to 12%. It contributes to long-term savings. This creates the retirement corpus. The best part is that under specific circumstances like marriage, a medical emergency, marriage, etc. one can make partial withdrawal.  EPFOs policies keep on changing and updating over time.    

Now, VPF (Virtual Provident Fund) is also in vogue. It is a non-compulsory investment option. The interest earned by the VPF is the same as EPF. Just remember that once you have chosen the base tenure of 5 years, you cannot terminate or discontinue before that.
Emergency Fund Creation –
Whenever we decide to save, it is either for some big purchases or emergency funds. Unplanned expenses mostly take away the planned expenses. A medical emergency, natural calamity, fire, accident, etc. sometimes brings about non-recoverable financial losses. It is always advisable that one must keep aside 3-6 months’ expenses. This fund needs to be kept aside as one’s career progresses. 

General Insurance –
General insurance is different from life – insurance. Some of the common general insurance plans include – fire insurance, motor insurance, accidental death, vision insurance, medical insurance, etc. There are endless benefits of general insurance. These are low or no-cost insurance plans. They cover legal liabilities, provide annuities, give tax benefits, and fulfill financial goals. These insurance policies are also exempted under 80C of the Income Tax Act, of 1961.

Aadhaar Registration –
In India, Aadhaar registration is important for getting social security benefits provided by the Government of India. Aadhaar has become a must-have document. For claiming all the employee’s benefits, an employee must have Aadhaar connected to his/her salary account. This will help in the direct transfer of all the financial benefits to their account directly.

Goal and Gold based investments –
Setting goals helps in getting better returns. Investments are made as per the goals not as per the assumptions. For your goals, you can contact investment firms or banks for fixed deposits, debt funds, gold, real estate, shares, gold, mutual funds, bonds, etc.  While investing, try to strike a balance between the low-risk and the high-risk fund.

While exchanging or purchasing Gold and Silver, one must check the rates, because the rates keep on changing according to international market standards, Oil export prices, etc.

DA (Dearness Allowance) –
DA is given to all employees to offset the inflation impact. and DA is added to the basic salary and the HRA, to add to the Net Salary of the employee. The calculation of DA is different for Central Government employees and the PSU. Mostly, the DA is announced by the government and is added by the concerned organizations to its current employee’s salary.  Former employees get it with their basic pension.

Calculations –
Keep on using the PPF calculator to check the premium amount along with the maturity amount. This helps to adjust your EMI and calculate the savings. In this age of investment, a calculator will help you to plan out your future expenses.

Central Government Health Scheme –
CGHS is a scheme supported by the government of India for the wellness of its employees. Those who are eligible can visit the government-certified wellness centers and get the treatment for free.  A part of employees’ salary is deducted on a yearly or monthly basis for this purpose.

Employee-Related Matters  –
Nowadays, employee-related matters are treated fairly and responsibly by every company as it upholds the labor law. As an employee, you remain concerned about your salary. You have to generate payslips or check the new pay scales. The company’s HRMS portal is dedicated to serving employees with all of these needs. Any dispute, litigation, etc. can also be resolved with the use of the company’s HRMS portal (if the company has one).

EPF India
How To
MIS Portal
TTD Online
HRMS Odisha

Conclusion – For a new employee, saving money seems to be a distant task and sometimes nearly impossible. But keeping aside a small amount of money and vigilantly avoiding paying unnecessary money as tax, on luxury items, etc. is a smart choice of a brilliant employee. The above-discussed money-related information can help you get good financial gains and a bright future.