3 EASY STEPS TO INCREASE YOUR ANNUAL INCOME

Slogging all through the year and still Follow three simple steps and get
hen Ahaana, 26, received her annual increment letter in April, she was far from happy. Despite handling some crucial events and bagging top brands for her Delhi-based PR firm, she says,
“I realised that extra work does not translate to equal remuneration. So I decided to add to my skill set and began freelancing as a language teacher over the weekends. I’m now planning to open my own centre for students who can’t afford the high fees at language schools.”
What’s the bottomline? No matter what your situation, by making minor changes in your life you can avail of major monetary benefits.
STEP-1 SAVE INCREASE YOUR TAKE-HOME SALARY
Ask your HR manager how you can maximise your monthly salary by reducing tax deductions. For instance, food vouchers provided by companies are fully tax exempt and are accepted at almost all grocery shops. Even if you fall in the highest tax bracket of 30 per cent, you can still save almost13,000 a month,” says Nakul Adhyaya, Delhi-based financial planner.
SHOP SMART
Try online mobile wallets that offer cashback or use cashback credit cards. You can even receive these in the form of gift cards or airline miles. Small changes like choosing a better cellphone plan and installing power-saving electrical equipment can help you save at least 5 to 10 per cent more every month,” advises Nakul.
STEP-2 PLAN MAPYOUR PROFESSIONAL PROGRESSION
Two years in a workplace is a good enough time to stick around for. Plan your job change the right way check the market demand for your skill set, look for organisations that are willing to pay better, connect with headhunters to get a clearer idea of salary package. Research is key.
CHOOSE RIGHT
Do you want to work as a salaried employee or as a consultant? As a consultant, you can avail of a lower tax slab (10.3 per cent, irrespective of your income) and have the flexibility to work with different organisations.
The real benefit of being a consultant kicks in with the deductible expenses. Let’s say a consultant buys a computer worth50,000 for her work; her taxable
income gets reduced by30,000, because she gets depreciation of up to 60 per cent on computers,” explains Nakul.
STEP-3 INVEST… …IN YOURSELF
Like Ahaana, add to your skill set and widen the scope of professional opportunities. Apps like Duolingo make learning a new language easy and free. Or get another degree. If you are a writer, learn more about SEM,
SEO, and other digital phenomena Show your employers you bring more to the table and that will translate into a better salary or a new career path,” suggests career counsellor Chinmayee Malik.
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