Are you financially wise?
Category : FINANCE Author : shaloo walia Date : Sat Mar 31 2018 Views : 175
It is said that money doesn’t buy happiness but money sure does buy us a comfortable life and is a major contributor towards happiness. Most of us are not content with what we earn and always stressing for earning more money. However if we learn to live within our means and follow some simple tips then life can certainly be less stressed.
Are you wise when it comes to your finances? Do you plan and budget your finances? Do you make saving a priority? Here are a few tips for becoming financially wise:
Cut back on the debt and aim to be debt free. Debt is a cause of constant stress. So avoid getting into debt at all costs. Stop using credit cards which encourage you to spend beyond your means and prefer to pay using cash.Make saving a priority. Save some amount every month no matter how small it is. Don’t save after spending but save beforehand.Start investing as early as possible. Make your investments work for you by taking benefit of compound interests. No job is secure. And this is the precise reason, you need to have an emergency fund. Put some money aside in your emergency fund every month.Get yourself a side hustle or a passive source of income. You can start online writing, take tutions, start a blog or a side business. If possible, put this additional income into savings.Make monthly budgets and stop unnecessary drains in your monthly budget.Automate your savings. This should be the first expense you make when you receive your paycheck.Similarly automate your bills. This will ensure that you are never late on your bill payments and never have to pay late charges.Be responsible in your spending. Spend what you need and not what you desire.Credit cards are a big nonsense. Say no to credit cards.Early retirement is possible if you have sufficient funds to provide you passive income. Make early retirement your goal and plan for it since the start.Never use a single mode of investment. Diversify your savings into different kinds of investments.
It is said that money doesn’t buy happiness but money sure does buy us a comfortable life and is a major contributor towards happiness. Most of us are not content with what we earn and always stressing for earning more money. However if we learn to live within our means and follow some simple tips then life can certainly be less stressed.
Are you wise when it comes to your finances? Do you plan and budget your finances? Do you make saving a priority? Here are a few tips for becoming financially wise:
Cut back on the debt and aim to be debt free. Debt is a cause of constant stress. So avoid getting into debt at all costs. Stop using credit cards which encourage you to spend beyond your means and prefer to pay using cash.Make saving a priority. Save some amount every month no matter how small it is. Don’t save after spending but save beforehand.Start investing as early as possible. Make your investments work for you by taking benefit of compound interests. No job is secure. And this is the precise reason, you need to have an emergency fund. Put some money aside in your emergency fund every month.Get yourself a side hustle or a passive source of income. You can start online writing, take tutions, start a blog or a side business. If possible, put this additional income into savings.Make monthly budgets and stop unnecessary drains in your monthly budget.Automate your savings. This should be the first expense you make when you receive your paycheck.Similarly automate your bills. This will ensure that you are never late on your bill payments and never have to pay late charges.Be responsible in your spending. Spend what you need and not what you desire.Credit cards are a big nonsense. Say no to credit cards.Early retirement is possible if you have sufficient funds to provide you passive income. Make early retirement your goal and plan for it since the start.Never use a single mode of investment. Diversify your savings into different kinds of investments.
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