1) Make a budget: Creating a budget means listing your recurring monthly expenses, factoring in one-time expenses, and comparing your total spending to your post-tax income. The figures you use should be rooted in reality, which means you'll need to check your bank and credit card statements to get an accurate sense of what you spend across various categories (think food, home maintenance, entertainment, and so on).Once you have that framework in place, you'll see where your money is going and where you have room to cut corners if you aren't saving enough. You might be surprised by how much you're spending in one area, and find that you could reallocate those resources to saving or something you're more passionate about.
2) Build an emergency fund: Boosting your cash reserves should take priority over all other financial goals in the coming year. Even if your savings account balance is above that threshold, if you don't have a minimum of three months' worth of living expenses tucked away in the bank, you're running the risk of landing in debt should you encounter a whopping home repair, wreck your car, or get unexpectedly laid off. Now, if you're starting with little to nothing, you're likely not going to build a true emergency fund overnight. But what you can do is examine your budget and start looking for expenses you can trim so that you can contribute to an emergency fund.
3) Boost your retirement savings: Most folks need roughly double that amount to live comfortably during their golden years. That's why it pays to step up your retirement savings game, particularly if you're on the older side with a balance that's lower than you'd like to admit to. Don't let yourself off the hook from retirement savings just because you're younger and decades away from that milestone. If you begin saving at an early age, even if you're contributing a modest amount over time, you'll still be able to amass substantial wealth.
4) Eliminate unhealthy debt: Many Indians are now using credit cards debt, and that's bad news, because that sort of debt not only costs money via interest charges but also has the potential to bring down your credit score. If you're saddled with debt, paying it off will save you from an unhealthy cycle where you're adding to your outstanding tab by the day. To effectively eliminate debt, review your outstanding obligations, identify those with the highest interest rates, and pay them off first. You might also look into transferring various balances to a single card with a lower interest rate than what you're now paying. Of course, to chip away at that debt, you'll need extra money, which you can get by slashing expenses (there's that budget again!) or perhaps adding a second job.
5) Invest in yourself: How often have you thought, "If only I could go back to school or pursue an advanced degree..."? If money is the one thing that's stopping you, make some of the aforementioned changes this year and use your savings to invest in your career. You can get a master's, obtain some new professional licenses or certifications, or buy yourself updated equipment to make your day-to-day work more effective and efficient. And who knows? Your earnings might subsequently increase enough to more than make up for the money you spend.
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For investments, contact:
Samarth Holdings
Address: Office 201, 2nd Floor,
Trade Net Building,
Viman Nagar
Pune.
Mobile: +91- 8805111007
Email: samarthholdings@aol.com
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