Managing money is almost akin to looking after a flock of sheep. Just like you count sheep before and after every trip to the pastures, you must check your accounts and investments at least once a month. Any slacking on these fronts could be detrimental to the shepherd, or in the case of personal finance, to you.
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We understand though. With zillion things already on your plate, you barely have time to study your finances to truly figure out where your hard-earned money is going. In fact, you’re probably struggling to understand where to even begin. For all you confused and laid back people out there who tend to be at sixes and sevens when it comes to handling money, we have 7 offbeat yet clever tips to help you manage your finances.
Give them a read and then employ them to get money wise.
Review Your Credit Card Statement: Always check your Credit Card statement. Don’t delete it or toss it in the bin. Your statements hold the secret to your spending habits. It’s your instant budget visualiser. It can tell you exactly how much you spend on essentials as well as non-essentials.
You also need to check your statement for fraudulent charges. If you see a charge that you never authorised then it’s time to make a complaint and replace your card.
Look At Tax Sops: One way to ensure better finances is to take full benefit of the tax sops available to you at work. Taxes really hurt your take-home pay. Do not conceal your income or provide false data to save tax. There are many investment schemes which can help you save those precious bucks.
You’d be much better off funnelling your money in a smart investment plan that multiplies your money and gives you tax benefits. Saving on tax is one of the strongest and fastest ways to improve your finances.
Look At The Small Bills: More often than not, it’s the small bills that tip your expenses over the edge. Never ignore them. These small expenses are your TV, phone, internet, electricity (utility) and other bills of the same nature.
All these bills may seem relatively small individually, but when put together they could add up to a substantial amount.
Evaluate these bills and find out where you can cut down on these expenses. Even if you manage to save a small amount, it could hold you in good stead over the course of time.
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Go Online, Go Digital: The concept of mobile wallets is not new. In fact using mobile wallets to make payments has many benefits, like cashback for one. In addition, you also get discounts on certain purchases.
Go digital and take advantage of all these lucrative offers. The cashbacks and discounts may seem fairly small initially, but over time you could soon see your mobile wallet coffers get heavy.
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Check Your Credit Report: The government has made it mandatory for credit rating agencies to issue each person one free credit report a year. There are 4 main credit rating agencies in India. Hence, you can get free credit reports 4 times a year. Make sure you analyse your report from time to time.
This will tell you all about your standing as a borrower and help you spot any errors in your credit report. Remember, your credit report is your financial ‘marks card’. If you want to take out a loan or apply for a Credit Card, your credit score will play a major role in determining it.
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Take Care Of Your Belongings: As obvious as it may sound, taking care of your belongings can certainly help you save a lot of money. However, most people tend to take their assets and their surroundings for granted. Keeping your home and car in good condition will save you repair and maintenance money.
Take care of the plumbing and electrical fixtures in your house. These services don’t come cheap. Be responsible for your possessions and your property and you won’t have to keep dipping into your bank account every now and then.
Additional Reading: How To Take Stock Of Your Household Expenses
Automate Your Life: We’ve said this time and again – automate your life. For example, set up an auto debit facility for your regular bills, utility bills, Credit Card bills and loan EMIs. If your bills are paid on time, you don’t have to worry about interest money. Saving on interest means saving money in thousands.
Moreover, since money is automatically debited from your account, you have no choice but to manage with what you have. Likewise, you can link your salary account with your savings account. The money you wish to save every month gets transferred to your savings account automatically. No hassle and no excuses.
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These tips are simple to follow and will definitely have a positive impact on your finances. It’s true that along with smart savings the right kind of investments are required to make your money grow over time.
If you agree with this then you don’t have to go far looking for good investments. You can explore our website for a host of investment options and Credit Cards to help you plan your finances.