We keep hearing about how important it is to be financially stable and fit. So, what makes this goal imperative & why? If we think of our finances as a human being, then we would at least be more accountable in our transactions. The way we look after our own health, similar we need to look after our financial state also. Through this article, we aim to discuss the importance of a healthy condition.
As we visit a doctor, what do they actually work on? They prescribe a definite a plan of action which is suggestive of the “to dos”. This helps to streamline your schedule & take steps for improvement. Just like our doctor, a financial planner can be of great help! Depending on the condition of your finances, you can think of a rescue plan for a good future. Clear your all dues and debt, plan for future. Facing financial issue ask for personal loan and get rid of the current debts. This plan can be further branched out into best money management exercises.
Given below are the best money management practices to follow for different categories of finances. You can pick inspiration from the one that most relates to you.
The Lazy Lad
A huge amount is lying ideal in your bank account and they have not been planned well. This usually happens when you do not ideate on diversifying your saved money for investments due to a lazy attitude in life.
Keep a tab on your credit score regularly. This will help you to know how do the lending institutions view your profile and how far will it position your credit application. And if you just don’t have a credit score at all, then it’s time to take on credit as per your need.
- Why let your money freeze in a savings account unnecessarily? Begin to invest into the most profitable channels right away. Whether into mutual funds or term deposits, build upon a wealth pool.
This is a suitable category for all of us, we generally feel the need to save when things have gone out of hands. We are quite tuned to act upon contingent situations. Let’s understand this with the help of an example. I’m so silly to miss two consecutive EMI payments. Now I will ensure to take note of this err and avoid such mistakes in the future.
You will not learn from the first slip; it will take you a few more.
- View your daily credit reports and check your payment history
- Gear up to be future ready & bring all good money practices into operation
You cannot just free flow with times.
They say live the present, forget the past. But what they don’t understand is that past is important to pick up lessons and you work them for a brighter future. An advance planning will ensure how your life can be financially safe and secure. All you need to do is stay focused, work on a future plan & smartly place your finances. Once done, your life will be greatly improved.