When you commence earning money, there will always be incoming income and outgoing expenses and you will have to save for the future as well and as if that’s not enough you also have to invest money for different goals and get insurance too. Best Financial Adviser Kuber Mindz Moneymindz advises you to start managing your personal finances before you start getting controlled by your financers, debt and other parties.
It is important to follow these steps in order to have control over your finances.
Track your money
What is your regular income? What is your regular expenditure? How much have you saved and invested (if not, start now!)? How much Insurance have you bought? What are your financial goals and time frame? Note down all these and make a budget which will help you track your own finances. Smart Financial Adviser Kuber Mindz says that without tracking your money and budgeting, it is hard to get control over your finances.
Follow Warren Buffet’s words
The world’s most popular investor, Warren Buffet says “Do not save what is left after spending. Spend what is left after saving”. That’s right! Make saving and investing a propriety.
Spend less than you make
If you spend more than you make, you can easily land in the vicious cycle of debt.
Coming to debt, clear it
Focus on clearing your existing debt as you invest for the future so that you can stay away from debt. Avoid taking further debt as long as it is so necessary that you have no alternative.
Don’t forget Insurance
Each Insurance product is designed for providing protection. Term Insurance offers coverage for your life, Health Insurance for your health, Home Insurance for your house, Travel Insurance for travel related delays and cancellations, and so on.
Inflation is a serious reality and can be beaten by investing. Retirement is years/decades away so imagine how much money inflation will eat. We have to invest and earn inflation beating returns for our retirement since that is the time we would not be working any longer.
Pay bills on time
You can avoid a lot of delay penalties and missed penalties by just paying all your dues on time. No need to accumulate interest on the already hectic amount of money you need to pay as bills alone.
For more information visit www.moneymindz.com or give a missed call to 022 6211 6588.
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