The word ‘finance’ can ring heavy in your ears, correct? Well, we’re going to remedy that. Stay tuned to be duly comforted!
Some facts for you
A recent survey by an online mutual funds platform found that 72% of Indians are unaware of how much to put aside or invest to achieve financial freedom. A majority, 76%, agreed that there’s a need for more education in the financial planning space.
Here’s a question – are you comfortably nestled in that 72%? Yes? Let’s get you outta there! Make yourself a promise to take your finances to the next level! After all, there are so many ways to learn difficult things, we need only determination to figure those paths out.
Breaking it down
We’re going to see what you can do within your power to get you where you need to be. You’ll be surprised how the alteration of routine tasks can make a BIG difference to your finances!
- Get a Credit Card! Yes, a Credit Card can actually help your financial well-being. Packed with great offers, cashbacks, rewards and much more, it can be your spend friend all the way. You see, we’re not the money police – we don’t want to take the fun out of everything by telling you to live a dull life in order to be financially free. We want you to live a little, too, but the smart way of course! This is where the perfect Credit Card comes in and we bet that every kinda personality out there has a Credit Card best suited for them! Want proof? Take the YES Bank FinBooster Credit Card for instance – it just makes sense for a shopper’s personality – rewards on all spends! Plus, it’s free to own for a lifetime. You like long drives? Pick up a Credit Card that gives you points every time you fill up your tank…just anything you want to be, there is always a smarter way to do it. All you have to do is keep yourself in-check and that’s it, you can save, save, save while getting to do the things you love!
- Make a Budget: Today, we are all well-versed with different concepts, changes in trends and everything in between – but how financially literate are we really? Be in-the-know of where to direct your money by getting to know your finances personally. Make a solid spending plan for the month and practise not going over your budget. It’s the ideal way to make sure your bills are paid, and your savings are on track. It’s also good to get into the habit of budgeting as it reinforces boundaries on the urge to splurge!
Additional Reading: Personal Finance 101: Save More Money Without Even Realising It
- Create Automatic Savings – Automation is honestly a fantastic solution to the problem of tracking your payments and having them go out on time. Make sure to use it whenever it is an option. There are many benefits to having money auto-debited when you need to get bills, investments or EMIs out of the way. You can also use auto-debit to enroll in your employer’s retirement plan to make full use of the matching contribution benefit. Setting up an emergency fund with automatic withdrawal is another quick way to ensure financial security.
- Start Investing Now: It has been proven time and again that there is no better way to grow your money than saving. There is magic in compound interest, it can help you save exponentially over time! You can start by setting short-term and long-term goals, considering risk factors, deciding how much to invest and looking into diversification of your investments. The key is to just start.
- Continuous Education: Keep yourself updated – it is of utmost importance. Review applicable changes in the tax laws, financial patterns, new rules and guidelines, to ensure that all adjustments and deductions are maximised. Keep up with financial news and developments in the stock market and do not hesitate to adjust your investment portfolio accordingly. Knowledge is the best defense against those who prey on investors to earn a quick buck.
- Look After Your Credit: Your Credit Score is everything in the world of finance. It is a major deciding factor in your next Home Loan, Personal Loan or any other credit that involves borrowing from legit sources. You can stay on top of your Credit Score by downloading your credit report at regular intervals. It will help you know what’s going on, catch errors on your credit report if any and above all, know your credit position. The best part is that you can check it for FREE. Click here to see your detailed credit report!
Additional Reading: Pay On Time – Your Credit Report Will Thank You!
- Stay Inside Your Income: Think of your income as the hedge that protects you from a ferocious neighbours dog! You will develop all the good financial habits that one needs to learn in this lifetime if you master the art of remaining inside income boundaries. Living life to the fullest with what you have can be more rewarding than drowning in debt, any day! The many wealthy individuals who are so popular currently also developed a habit of living below their means before rising to affluence. So, take the lesson from them – it works!
- Your Health Is Above All – Plan regular check-ups and follow up on your health often. Many problems can be helped or even prevented with lifestyle changes, such as more exercise and healthier diets. Some companies may have limited sick days, making a loss of pay the only option once sick days are used up. Ailments can also make insurance premiums skyrocket, forcing earlier retirement with lower monthly income.
That pretty much sums it up! We hope this tells you how close your financial freedom is! Yes, you can be a Mark Zuckerberg, a Warren Buffet or even a very financially satisfied you. It only takes consistency over everything, not rocket science. If you want to get started, you already are in the right place to embark on a smart financial journey!