Financial – Finance management is the key to well being of you and your family members. Whatever you earn will be meager unless you start implementing your financial strategies well.
Half hazard management of funds frustrates people much irrespective of how much you earn.
Many people hardly care about investment and savings unless paucity of funds hit them bad. It is an open secret that without a proper financial planning, you will always run short of money.
If you really care about your family, then you must start your financial planning early.
Essential Tips for Hassle-Free Investment Planning
Know Your Priority Areas: Avoid conspicuous online shopping as much as you can. Instead you should analyse the core and priority areas where you must invest or spend money.
Once you have identified these key areas then you should spend your money carefully as per the plan. You can easily save a lot of bucks by the end of the month if you move in this manner.
Divide Your Bills Into EMIs: Insure yourself and your family to stay safe from future unforseen events. Usually, Insurance Premium is paid annually, but as a prudent person you should divide the entire amount of insurance into 12 equated installments also called EMIs.
You should deposit each part of your insurance premium in a separate saving bank account, which you must not touch throughout the year.
At the end of the year, you will find enough money to pay off your insurance dues in a smooth manner.
Stop Using Plastic Money Frequently: If you wish to stop your unplanned and reckless spending habits then don’t take plastic money (credit/ debit card) wherever you go. You can save a lot of money by stop using cards so frequently.
Stop Taking Loans: Taking a bank loan is quite easier these days. However, you must introspect whether you need the same or not. Loan repayment is definitely a cumbersome process plus you have to pay interest on the same too.
It creates an extra financial liability on your budget. Dont take loans just to fulfill bank officer’s request. Understand your requirement first.
Know the Expenditure Trick: A prudent investor never spends all money at one go. Move slowly and cautiously. Judge every expense as per its merit only.
Finance Planning Is All About Taking The Right Steps
Automatic transfer of Funds (EFT) from your bank account to their respective investment heads is the first step towards prudent financial management.
Many people think investment is same as saving – but it is actually not so. Saving acts as a secondary source of earnings and of course a protection guard for future.
While investment is diverting money towards a particular option or scheme to earn interest in future.
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