One The time was when Indians were known for their savings. Every house used to have piggy banks and women used to save money. There is a lack of this habit in the new generation, which has increased the trend of wildly expenses and loans. It can worsen the financial situation in a long time. Today we are telling you 5 such things, by taking care of which you can stay away from poverty.
Make emergency funds
A bad phase can come in life anytime and it is very important for it to prepare in advance. The one who is ready for a bad phase goes beyond the crisis. Therefore, make an emergency fund of an amount equal to your six -month monthly income.
Health and Life Insurance
Nowadays the cost of treatment has become very expensive, in such a situation, health insurance has become very important. If you have not yet taken health insurance, do not delay now. Along with this, take term insurance to protect the family. Do not rely on the insurance cover given by the employer.
make a budget
Make a budget of your income and expenses by yourself every month. Creating a budget will help you manage your expenses. Also, it will help you to prevent unnecessary expenses and make a habit of savings.
Set financial goals
Set your financial goals. By investing without fixing the goals, you can miss obtaining your targets. For big expenses like children’s education, marriage, house etc., it is right to plan and invest in advance. To make the right financial plan, fix the priority of these big expenses and then invest accordingly.
Make retirement funds
Investors often make all kinds of plans except retirement funds. You never make this mistake. The retirement plan has an important role in the financial plan. You should make retirement plans from your first job and start investing for it. The sooner you start investing for this, the bigger the funds will be prepared.
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