Produced by: Navneet Dubey Designed by: Manoj Kumar
Allocate funds for essential needs like rent, groceries, bills, and debt repayments. Prioritise needs over wants, leaving some flexibility for fun. Track your income and expenses for a month to understand where your money goes. Use budgeting apps or a simple spreadsheet to visualise your spending habits.
Save before you spend, not the other way around. Regularly review your spending against your budget. Identify areas where you can cut back and adjust your plan as needed. This ensures that a portion of your income goes towards savings every month without fail.
Build an emergency fund to protect yourself from unanticipated financial downturns. Aim to save three to six months' worth of living expenses.
Debts could be a stumbling block to financial prosperity. Prioritise paying off your debt, starting with high-interest ones.
Investing can turn your savings into wealth over the long term. Learn about the risks and rewards before diving in, whether it’s the stock market, real estate, or mutual funds.
Credit cards can lead to impulsive buying and unhealthy debts if not used wisely. Use them occasionally and pay off your balances before the due date to avoid high-interest charges.
Implement a "cooling-off" period before buying non-essential items. Ask yourself if it aligns with your budget and long-term goals.
Set up automatic bill payments to avoid late fees and reduce stress. Consider automatic transfers to savings and investment accounts.
Regularly reviewing your financial plan can be crucial to achieving your financial goals. It helps you stay on track and make necessary changes per your current financial situation and goals.
Utilise libraries, online courses, and public services to save on entertainment and learning. Educate yourself about financial terms, investment options, and the concept of money. This will help you make informed financial decisions going forward.