Like every other year, 2017 had its fair share of money lessons to impart on all of us. Here are a few that all of us could take away.
Every year ends the same way it begins. We try and stick to our financial resolutions as best as we can as the months go by. While some people succeed, many of us tend to fall by the wayside and come up short.
If 2017 followed a similar pattern for you, there’s no reason you can’t put things right in the coming year. Here are 5 essential money lessons you can take away from the year gone by that should hold you in good stead for 2018 and beyond.
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Planning Ahead Helps
No matter what your current financial situation is, you should have a fairly clear idea of where you’re headed. This includes being sure about your short and long term goals.
For instance, if you plan on buying your own house next year, you must start planning early. Planning your finances could be a little difficult, but planning in advance helps sort a lot of things out.
If you have big financial goals in mind, then you must start investing in the right places. This is when all those savings instruments, like Fixed Deposits, Recurring Deposits etc. can come in handy.
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Budgeting Works
Done making all your plans? Covered every short and long-term goals you have? That’s great! The next step? You need to start budgeting.
Now, this doesn’t always mean keeping an accounts book and making a note of everything you spend. If you think it’s too much, and you hate dealing with numbers, don’t worry! There’s another way out for you. You must have heard of all those money management apps, right? All you need to do is enter some details about your financial goals, your current financial situation and places you need to spend on.
Instead of getting lost in all the calculations and math that follows, it’s better to leave it up to technology. Let these apps work their magic for you.
Additional Reading: The Do’s And Don’ts Of Budgeting
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Savings Can Be Your Knight In Shining Armour
Start saving as early as you can. It’s for your own good. Keeping some money aside might feel a bit difficult in the start, but there will be times when these forced savings will actually come in handy. Don’t wait for the right time. Analyse your needs and hit the start button. Now!
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Invest Now. Enjoy Later.
Investments form an important part of your financial life. Even if you’re clueless about where to invest and what to do you can always consult a financial expert. All you need to do is explain everything about your financial situation to them as well as your future goals. They will help you choose the right investments and draw up a sound financial plan to meet all your short and long-term targets.
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Going Cashless Is A Smart Decision
Ever since demonetisation, the most crucial lesson that 2017 taught us was the need to go cashless. Don’t worry! You don’t need to crib about it anymore. Most shops (no matter how small) accept online payments these days.
You can either use your Debit/ Credit Card to make payments or just transfer money using an online wallet like Paytm. As simple as that! Going cashless is actually good. No need to carry a heavy wallet everywhere and go through the ‘I don’t have change’ torture.
Just take out your plastic buddy or use your online wallet, transfer the exact amount and you’re done! How cool and convenient is that!
Additional Reading: All About Digital Wallets
Like most other years, 2017 has been quite eventful. Since it’s already that time when we all start thinking about our New Year resolutions for next year, these money lessons should certainly come in handy.
If you have some money lessons to share, feel free to leave us your comments. Need more on money management?