There are 2 types of people in India – the one who plans their financial lives and the other who let them flow. The number of the second group is quite high and this article is written by focusing them.
Most investors who do their own work, through this article, can do the initial planning of the financial planning themselves. There is no need for you to be a certified financial planner.
These 8 easy ways to manage private money –
- Make an emergency fund :- Building an emergency fund is a very important decision as there is no control over the future. Ideally, this fund should have the capital to win 6-9 months monthly home expenses. For example, suppose your monthly home expenses are Rs 20000, then your emergency fund work must be 120000 rupees. Keep in mind that these money should be used only at emergency time such as during serious illness, job loss etc. Keep this capital in an insured bank account, which can be easily removed at the time of need.
- Buy term insurance (especially if someone is dependent on you) :- The best thing about Term Insurance is that it is quite affordable compared to the rest of the insurance plan. For example, if a 23 year old man wants to take an insurance cover of 6750000, he will only have to pay an annual premium of 7,000 rupees, which is only 19 rupees per day per day. Term insurance is very important for them, which is the only earning member of your family and the other person is dependent on you.
Bought mediclaim :- Someone has rightly said that health is real money. Follow a healthy lifestyle as a healthy bank account will remain only when you are healthy yourself. There are many people who spend their hard earned money only on treatment. For all members of your family, you need medical insurance and if you cannot afford to insure the members, they must do more than 30-35 years of age.