A number of people work hard to earn their money. Yet many are broke by the end of the month. They blame everything under the sun for their condition. With a little bit of careful planning and execution, you don’t have to be like them! You can protect and increase your money! You can find out more here. India’s First Free Online Financial Advisory Moneymindz
Budgets contain your monthly income, expenditure, savings, investments and financial goals. Keeping up with the budget requires discipline, patience and skill. Keeping a budget helps you track your money and decide how to utilize that money better, for instance cutting down on expenses and increasing investments.
2. Improve your credit score
Focus on making your credit score better such as clearing all your credit loans and paying all your credit bills on time. Don’t neglect this. Remember to curb your expenses, using a credit card or not. India’s First Free On call Financial Advisory Moneymindz
3. Clear all your loans
Education loan, car loan, home loan, credit debt, etc. have to be cleared at the earliest. This ensures you get rid of what is preventing you from realizing your financial goals. Debt is never good so don’t let it paralyze you. Once you have cleared everything, don’t take on additional debt.
4. Build an Emergency Fund and a Retirement Fund
An Emergency Fund also called a Contingency Fund is meant to take care of you financially during emergencies. Retirement Fund provides income during your retirement days. So make sure you are contributing regularly to these two funds. Smart Financial Advisor, Kuber Mindz
5. Buy Insurance
Term Insurance provides financial assistance to your dependants should something happen to you. Health Insurance pays for your medicine and treatment should you get hospitalized. Travel Insurance, Homeowners Insurance and Property Insurance are no less important. Buy adequate Insurance and don’t let it lapse.
6. Invest wisely
Unfortunately, inflation is a harsh reality we all deal with. It eats away into your savings by reducing the value of money. The only way to beat inflation is to invest wisely. When you invest diligently, you will earn great returns that will help you beat inflation. But one wrong step can also wipe out your entire savings. So invest wisely, not foolishly. Smart Financial Advisor, Kuber Mindz
7. Live within your means
If your income is $ 10000 and you spend $ 11000 you’re clearly overspending. This results in debt. So live within your means.
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