Localities 
6 March, 2023
Things To Do With A Salary Hike
By Shubhra Rani
Double Check The Reality
If your take home is coming to the same amount, ask HR to restructure your salary to cut down on the taxes.
Pay Off Outstanding Debts
Interest rates on credit card debt can be as high as 30% to 35% p.a. w.r.t personal loans at 12% to 16% p.a.
Invest more
Have more than a crore savings after investing Rs.20,000 every month for 15 years and scale investing.
Build Emergency Funds
Save money for emergencies in life (enough to cover 9 to 12 months’ expenses). Avoid withdrawing money.
EMIs are your enemies
You end up paying 20% interest p.a if you took a personal loan and up to 40-45% if you took it against credit card.
Good Karma
Karma will give you money. Because you are eligible for deductions up to 10% of the donor's adjusted income.
Have fun
Go have dinner with your friends. Buy your dream bike or go on a holiday. Spending for yourself is also needed.