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20 Jan

3 Easy steps to get your finances on way in 2017

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  • Tags: EMI, retirement plan, Systematic Investment Plan
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Strengthen Your Finances

Strengthen Your Finances

Resolutions are out-of-date, say some. Resolutions changed my life, believe a few. Resolutions are meant to be broken, grin others. Whichever group you fit into, there are a small number of resolutions that ought to be a part of your life – financial resolutions. And trust us; these are not the ones to be broken. We have put jointly a list of the top 3 resolutions that should preferably form an essential part of anyone’s financial plan. If you are by now following a few of these, then more authority to you! For others, now is as good a time as any to take a hardly any of these resolutions and exchange them to behavior that safe your financial future.

#1. Budget, and never stray – If there is one golden rule for managing your personal finance, it’s this. If you want a prospect that is not debt-ridden, then you have to be accountable about your currency. The easiest way to generate a budget is to mark down every single thing that you spend in a month – right from the rent you compensate, down to the biscuit you bought. Write everything down, and at the end of the month you will be surprised to see where your money went. Then use that in order to weed out the playful from the necessary expenses.

#2. Create a financial plan – If you haven’t done so by now, now is a good time to start planning your financial goals in life. Identify your long and short term goals; holidaying in Europe, for instance, could be a short-term goal, while funding your child’s education or buying your own house is a long-term goal. One of the obligatory long-term goals that should be a division of your portfolio is your retirement plan. Calculate how much you need to save up to attain each of your goals (don’t forget to factor in inflation as you calculate this).

Take stock of where your current investments stand (if any) and what are the returns you are getting from them. See how much more you need to build and in what time frame, to overpass the gap between where you are now and your goals. Start a Systematic Investment Plan (SIP) for each of your goals. If you’ve just conventional your annual bonus, or have some inactive money in your account, move it to a high soft mutual fund, best right for your profile and requirement. Depending on the time frame you have for each goal, you could opt for equity (long term) or debt (short term) funds. Every day that you haven’t invested, is a day where money, that could have been made, is lost.

#3. Limits your loans and start a SIP – If you can’t altogether wipe off your debts, strive to limit them to absolute basics. It can be quite attractive to indulge in frequent shopping sprees on exorbitantly priced products, through credit cards and EMIs. But be careful, that if you aren’t prudent about your spends, you could soon see yourself burdened with a heap of debt, and spend the better part of your high-earning years paying them off. Appreciate the beauty of compounding, and how investing early can work wonders for you in achieving your dreams, with little or no loans. Get an obvious understanding of what your total, essential expenses are, versus what you want on an impulse.

Chalk out a plan to see if you can achieve your goals, like buying a house for example, without loans, or at smallest amount with less of it. Investing elegantly in a SIP, for the same number of years that you would be paying off an EMI, can help you get what you require without a loan, and even better, sometimes with extra cash to spare. At Finheal, we offer guided recommendation on how to plan your investments to attain your goals systematically.

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