India Today, on 15th August 2024, India is celebrating its 78th Independence Day. Today, you can take some steps towards your financial independence. Some things are important for your healthy financial life. These are things that you might know, but we do not take them seriously and keep postponing them. Today, on 15th August, you can take these things as a resolution.
1. Emergency Fund
Bad times can come at any time in life. It is important to prepare for it in advance. Those who prepare for bad times in advance, overcome the crisis. Therefore, make sure to create an emergency fund equal to your six months’ monthly income.
2. Health Insurance
The cost of treatment has become very expensive. Health insurance has become very important. If you have not taken health insurance yet, then do not delay now. Along with this, take term insurance as well. This is important for the safety of the family.
3. Set goals
Decide your financial goal. Investing without setting a goal can make you miss out on achieving your goal. It is better to plan ahead and invest for big expenses like children’s education, marriage, house etc. To do proper financial planning, decide the priority of these big expenses and then invest accordingly.
4. Make a budget of income and expenses
Make a budget of your income and expenses every month. Making a budget will help you manage your expenses. It will also help you stop unnecessary expenses and inculcate a habit of saving.
5. Retirement planning is important
Investors do all kinds of planning except retirement planning. Never make this mistake. Retirement planning plays an important role in financial planning. You should do retirement planning from your first job itself and start investing for it. By starting planning early, you also get more returns on less investment.
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