On the one hand, where you have to pay up to 40 per cent interest if you do not pay the credit card bill on time, on the other hand your credit score is also bad.
Your emphasis should always be on saving money. With this, you will be able to achieve your financial goals. If you are not able to save, then we are telling you the method of this. We are also telling you the measure of financial security.
1. Make financial goals
First of all, make short and long term financial goals. With this you will be able to balance between earning and spending. Do you have to buy a car, build a house, raise funds for a child’s education / marriage?
If yes, saving is very important for this. Saving becomes easier when the goal is exposed. An inspiration arouses in you to achieve that goal. You may have to make some changes in your lifestyle to achieve financial goals.
Spend the money where necessary. According to the long-term financial goal, make an investment strategy as well. For this, you can start SIP in any equity mutual fund.
2. Control on credit card spending
Most people use credit card, as it ensures the availability of money at the time of need. Spend the same amount on a credit card as you already have in your bank account or as much income as you expect.
The biggest thing in the use of credit card is that you do not spend more than you can pay in a month. Keep in mind that if you do not pay the credit card bill on time, on one hand you have to pay 40 percent interest, on the other hand your credit score is also bad.
3. Get rid of debt soon
You should try to repay all your debts soon. Whatever cash you have or income in the form of bonus, etc., try to eliminate the expensive loan.
While paying credit card bill, try to get all the bills paid at one go. If you paid only the minimum amount, you would have to pay a hefty interest on the remaining amount.
4. Create an emergency fund
, financial security is also important along with savings. You should first create an emergency fund for yourself. It acts as a shield for you in an accidental situation.
Financial advisors say that it helps you in emergency situations by keeping at least six months of house expenses as an emergency fund. You are actually saved from borrowing from friends, relatives or colleagues.
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