March 6, 2023
Personal finance is an irreplaceable component of securing your future. Its importance, in no way, can be undermined. However, with the amount of information circulating on the web and among self-proclaimed financial experts, it can be overwhelming for anyone to decide the right course of action. Beginners, especially, often feel intimidated to start managing personal finances. Personal financial planning can be as simple as a dal-chawal meal if you can access the right approach towards it, along with using the right personal financial planning tools.
That is exactly what we intend to do through this blog. The personal financial planning tips below are all you need to confidently start securing your future and achieve your financial goals.
1. Track all your expenses in one place on a regular basis:
Yes, as tiring as it sounds, you cannot begin your financial planning journey without this quintessential step. Only when you know where your money is going can you gauge how to prioritise your needs and wants? Moreover, being aware of your spending history will help you identify your splurging tendencies and guide you towards saving more.
2. Start a SIP:
Starting a SIP is a good way to limit your monthly excess spending and create a consistent pool of savings that are being routinely invested to gain long-term returns. Thus, you will save and invest every month, a practice pivotal to building wealth for your future. Every penny counts, and no amount is too small!
3. Outsource your personal financial planning efforts:
Choose an app that directs your savings in the right direction, and let them manage your money for you. For example, at Tailwind, expert wealth managers stay on top of the market and overlook multiple portfolios to help you make and execute the best investment decisions.
4. Plan for your retirement:
Many schemes exist to aid you in your retirement planning. Make it a point to invest a certain annual amount in any one you prefer. Some examples include National Pension Scheme, Unit-Linked Life Insurance, Public Provident Fund, and so on. They also come with added tax benefits!
5. Build your credit score:
If you intend to purchase a house or car in the future, a good idea would be to start building your credit score. A good credit score is anything above 670. You can do this easily by simply paying off your bills on time.
6. Create a safety net in the form of a FD:
A FD is the typical Indian way of saving funds across generations. This is for a good reason, as it is one of the safest ways to store your money. Pick a financial target that you can afford, explore the best corporate FDs and open an FD for the same so that that money can be kept aside for any emergencies.
7. Don’t be penny wise pound foolish:
It is counter-productive to regulate your miniature expenses while recklessly spending large amounts on shopping and entertainment. While budgeting for yourself, keep a balance between necessary expenses and unnecessary expenses that you can afford.
With these financial planning tips, you’ll soon be on track to meet all your goal based financial planning needs! For further assistance, feel free to connect with us at www.tailwindfin.com
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