In this 2019, start 6 financial habits and start today. Make small step to reach the new height in your financial planning. Let us discuss top 6 financial habit in this post.
Schedule Your Budget :
Write your monthly income, monthly expenses and monthly savings. Writing down each and every expenses is first step in your financial awareness. Try to track the expenses for one month.
Monthly Income : How much is your regular income ? Do you have any alternate source of income or passive income as well ?
Monthly expenses : Rent, Mobile bills, electricity expenses, Loan EMIs, Groceries, clothing, entertainment etc.
Monthly Savings : How much can you practically save from your monthly income ?
Start an investment:
Plan at least 20% of your income in investment. Select equity oriented mutual funds for long term and debt oriented mutual funds for short term. There is hundred of mutual funds to invest in india. Start today your investment with financial goal.
Pay all your bills on time:
Paying bill on time is best way to avoid unnecessary penalty. Set reminders to pay the bills. Set reminders on your mobile. Automate the payments of your bills. Check your accounts regularly so that you don’t miss paying out any important bills.
Earn more and spend less :
Even if you have some debts especially the credit card debt and personal loan, you should try to eliminate them to lead a healthy financial life. Try to complete all your dept as much as possible. The less loan tenure, it reduces the interest on the loan.
Building an emergency fund :
Once you have an emergency fund of at least 4-6 months in place, you can plan to save and invest for your long term objectives. Emergency fund should be available for easy to get. Keep the emergency fund in fixed deposit or debt oriented mutual funds. There is no lock-in period in case of FD schemes and you easily withdraw money from your deposit by paying a minimum penalty in case you need the money urgently. Bajaj Finance offers fixed deposit schemes at attractive rates of interest starting at 8.05% per annum.
Retirement planning :
Investing your money towards your retirement. Saving even a small amount now will eventually add up and you can enjoy its benefits post retirement. The sooner you plan for your retirement funds, greater will be the benefit that you will derive out of it. Select an equity mutual funds for long term retirement planning.
It is never too late to change your financial habits for your own betterment. If you adopt these financial habits and learn to manage your money effectively, you shall definitely lead yourself towards a smoother road to financial freedom. Explore mutual funds and begin your investment journey today. Look at the post to open mutual fund account. Happy Investing…