These 5 ways will help you in better financial planning, you will not have to take a loan when you need money
Proper financial planning is essential for a secure future.
Investing in the stock market can prove to be very beneficial for long-term financial planning.
Health insurance helps a lot in the cost of treatment of critical diseases.
New Delhi. While having a good income is essential for a better standard of living, it is equally important to do the right financial planning from that income for a secure future. For this, you manage your expenses as well as invest, which gives you a return on your deposited capital. Many times we have to raise more funds at once, in such a way, only proper financial planning comes in handy, which saves us from drowning in debt.
After deducting expenses from our income, we can make more money by using that money properly. Today we have brought some such tips for you that can help you in better financial planning. In this article we will talk about this.
invest in share market
Investing in the stock market can prove to be very beneficial for long-term financial planning. Investing in the stock market gives good returns as compared to other places. Although there is risk in investing in the stock market, so first you should do research and understand the market.
Also read- If you are investing in the stock market for the first time, then keep these things in mind, know what is the right way to invest
investment in insurance policy
If any untoward incident happens to any member of the family, then we have to face double whammy. First human damage and second economic. But the economic loss caused by this can be reduced by investing in an insurance policy. For this you can buy life insurance and health insurance policies. Health insurance helps a lot in the treatment of serious diseases. Investing in an insurance policy at a young age is more beneficial, as then we have to pay less premium.
Maintain a separate emergency fund
If suddenly there is a need for more funds at once, then most people fulfill it by taking a loan. But if your financial planning is right then you will not need to take a loan. If we are financially strong then it becomes easy to deal with most of the problems. For this, you can create a separate emergency fund. You can use one of your bank accounts for this, in which keep depositing some money every month and withdraw money from it only when needed in emergency.
Also read- Special FD Scheme: Special Earning Opportunities! This bank is giving 8.3% interest on fixed deposits
spend the least amount of money in interest
Most of the people fulfill the need of money through loan for big work. Like home loan to build a house, car loan to buy a vehicle or take a personal loan for other needs. But along with the loan installments, one has to pay interest for a long time, in which a huge amount is spent. To reduce this amount, you can choose to prepay the loan. At the same time, try to fulfill the need of money at your own level with better financial planning.
Post job planning
There is a dialogue of the film Baghban, ‘After retirement, your money is the biggest power.’ So start saving for post retirement while working. For this, salaried people can increase their contribution in PF account through Voluntary Provident Fund. Apart from this, you can also choose mutual funds or any other option for investment. Where you go on investing a small amount regularly from the salary. Later, collecting this amount can be very useful for you.
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Tags: financial institutions, free insurance, Insurance Policy, Investment, Investment tips, Share market
FIRST PUBLISHED : November 06, 2022, 07:30 IST