How to Increase Take Home Salary
Are you looking for ways to increase your take-home salary? Or are you trying to use a gratuity calculator online to see if the gratuity your employer offers makes up for the low salary? Irrespective of what the case is if you are disappointed of your salary and want to make more, you’re in the right place. After all, we all want more money. And we’re going to show you how to achieve get it. Now don’t get me wrong, earning more money isn’t hard or anything like that, it’s just a matter of knowing where & how to make extra cash. You want to make more money, but the devil is in the details. There’s a lot to learn about how you can increase your take-home salary, but this guide will show you how to get there.
1. Take a Leave- Claim your Leave Travel Allowance
Paid leave is an integral part of the working life. However, most people don’t seem to take full advantage of this benefit due to various reasons like lack of awareness, fear of being penalized etc. If you want to take advantage of paid leave benefits, then you should start by getting yourself acquainted with the rules and regulations regarding such leave. Also, make sure that you use all your leaves at once (e.g., vacation days), so that there is no scope for any sort of misuse later on.
Investing in the stock market is an effective way of increasing your income. Stocks are a good investment if you have the time and resources to research companies before buying them. It only takes a little bit each month and can be done on a part-time basis. Investing in mutual funds, stock shares, bonds and other financial instruments can give you better returns than saving it in the bank. Investing means putting money into something that will bring more income in the future. For example, if you invest in stocks or bonds, they will generate income over time and you can use this income to increase your take-home salary.
Hence if you have the money, investing is one of the best ways to increase your take-home salary.
3. Look for other sources of income
If you don’t have any extra money to invest in stocks, there are other ways that you can earn money. For example, some people open their own businesses or go into business with others who want to start their own company too. This can be very profitable if done right and if you’re willing to put in the time and effort into it! You could start up your own business or work as an independent contractor or freelancer. If you are not able to find something suitable, then consider looking for other options such as freelancing or tutoring students, or maybe you can offer to do yard work or car detailing for people in your neighborhood who need it done.
4. Take full benefit of exemptions
The health insurances the company provides are part of your salary package and are not taxable. But, if you are eligible to claim a medical reimbursement, you can also claim this amount as additional income. You will have to submit proof of identity for claiming this allowance and make sure that your employer accepts it. AAdditionally, an employee is entitled to 12 months’ HRA from the date of joining an organization, which can be claimed by using the online facility or by making a request in writing. The employee has the option to claim for his/her wife and kids, too. Even if your company doesn’t offer these they are at least mandatorily required to contribute to your employee provident fund. You can use an epf interest calculator to see how much interest are you making on your provident fund deposits and then claim expempsions accordingly.
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