Important 10 Financial Tips for Peace of Mind
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10 Important Financial Tips to remove your Stress:
Always keep checking your Credit card Expenses.
The credit card gives you the power to shop and you can pay for anything, anytime with an empty wallet. More importantly, you should always remember that it’s your responsibility to keep a track of your expenditures and pay those bills on time. Controlling the limit of your expenses is one thing and paying the bills timely is another important characteristic. Maximum due payment can increase your debt. Avoid excess Swiping of your credit-cards as it would lead to a heavy debt which will affect you, Mentally.
Your Debt is your liability so always pay them on time.
Pay off your debt on time, whether it’s your Loan EMIs or Credit Card Due. Always pay them before the due date because it’s good for your Credit Score. By paying the EMIs on time you can avoid the late payment charges or by clearing the entire credit card bill on time you can avoid Interest rate on those bills. Clearing your debts timely is the way to lead a stress-free Financial life.
Improve Your Credit score
If you have Credit cards or Any existing loan track then you know the importance of a good Credit Score. A good credit score tells lenders that you are good and a responsible person, and you know how to manage the funds. A successful loan track helps you get future loans with ease. Your Credit score plays an important rule while you want credit, knowing that you have a good credit history. Having a good credit score relieves your stress. Here are some few tips to improve your Cibil Score.
- Always Pay your credit card Bills or Loan EMIs before the due date will improve your score over a period of time.
- If your credit spending ratio is more than 20%, then increase your credit limit so that credit card utilization remains less than 20% of the credit limit, which will improve your credit score. You can also apply for another credit card and utilize them equally but make sure that you don’t spend too much.
Invest in your Future
The biggest Financial worry is having no money for future. Future is unpredictable, so similarly need of funds in future is also unpredictable. You might require funds in future for your child’s education, marriage, retirement, health issues etc. The only way to not worry is to invest and save for your future. Control your expenses and start Saving for future by smartly investing in Mutual Funds, Shares, rent etc.
Save Emergency fund
Financial crisis can occur anytime so always be ready for it. People usually panic when life takes a turn and they come to instances like losing a job, medical emergency etc. Having an emergency fund is the best solution for this kind of a situation. Don’t wait for trouble to come and knock at your door and start building your emergency fund. Just create a Monthly budget and start saving money for your emergency fund. Having the really good amount of money in hand will give you power and tension free life.
Life is unpredictable and it is advised to ensure your life and assets like Car, Property etc. to protect your life from any future incidents. For example: Taking a Car insurance frees you from the financial worries like loss of car or theft of the car or any car accident. Similarly, taking a life insurance assures that your family members and loved ones with financial help in worst scenario of the lethal instance.
Credit Card Vs. Personal loan – Choose Wisely
According to the situation in hand choose the right financial service to pull yourself out from the monetary crisis. If you require a huge amount and wish to repay it in equated installments, then you should go for a personal loan. If the amount required is something that you can pay next month when you get your salary or income, then you should use a credit card. The credit card gives you time till next payment to pay the debts without paying any interest on the borrowed sum.
Protect your credit card from Online fraud and Credit Card
You must have heard this famous advice, “prevention is better than cure”. It is important to protect yourself from any type of fraud, credit card theft etc. rather than asking for money back. Never Buy the product from suspicious websites using the credit card. Always cross check the website URL authenticity. The best way to check whether the website is secure or not is to check the URL of the website and if it starts with https:// then it’s safe, otherwise never pay online through credit card. And chip credit card makes it difficult for thieves to steal your card information. They are encrypted for your safety.
Burdened with EMIs? Avoid Loans
If you already have EMIs of existing loans, then don’t take another loan until you pay off the existing ones. Increasing EMIs are like the mountain of debts and you should be careful with the monthly obligations you make for yourself. It is advised not to have your monthly EMIs to be more than 30% of your income. Dealing with excessive EMIs will only lead to financial stress and worries.
Try to save yourself with tax saving schemes
Taxes can be a headache as no one likes their hard-earned income to have any deductions. No matter how much we hate this idea, we need to pay all our taxes. It is everybody’s responsibility as a citizen of India to pay all his taxes. But instead of worrying over the amount of salary deducted in the form of tax, it is better to take some action by investing in tax-saving schemes like Public Provident Fund, equity-linked saving schemes of Mutual Funds, Home Loan, Life insurance etc. when you realise how much you can save it will give relief and this is the best way to save for future needs.
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