5 ways you can use your salary as a junior employee
Publish Date: 23 Dec 2021 Money Tips
How will your financial decisions help your professional and financial development?
People always say we should be positive and see the glass as half full not half empty but how can we achieve this? This is exactly what “Look on The Bright Side Day” each December urges us to celebrate and to figure out how to take positive steps with the least capabilities.
Which is why we are providing you with some small steps you can take that will help you enjoy your life as much as possible while climbing the professional ladder even if you’re just starting out. You can achieve a lot; you just need to make a decision and follow through.
1- Let’s talk finance:
Certificates of Deposit: they are deposits you place in the bank for a certain period of time which the bank invests and repays you in the form of interest. The interest can be one of 3 types: fixed, floating, or cumulative. You can invest any amount of money you wish (usually certificates of deposit are in multiples of 1,000 EGP depending on the bank) for up to 10 years. A certificate of deposit may be broken after 6 months of its start date.
Compare between different certificates of deposits in Egyptian banks.
2- Savings Account:
this is one of the best ways to have an emergency fund as you can always guarantee you have some money saved up for emergency situations. Just make sure you put aside at least 20% of your paycheck each month in a savings account and don’t touch it at all.
3- Invest in a bike:
you can increase your income by getting a second or side job. Investing in a bicycle not only can help you find a side gig but it’s also good for your health. There are several apps you can work for and use your bike at the same time:
4- Money Circles (Gam3eya):
An alternative to saving on your own are money circles or Gam3eyas. This is considered the optimal choice if you are just unable to commit to saving on your own each month. A money circle will force you to save up a specific amount of money (of your choice according to the money circle you participate in).
5- Start your own small enterprise:
if you have a good idea for a small business make a plan and go ahead. Don’t be afraid of making mistakes, no one succeeds without a few mistakes but at the same time don’t take unnecessary risks.
