Financial tips
India is going to celebrate its 79th Independence Day on 15 August 2025. This day not only reminds us of national freedom, but also gives a great opportunity to think whether we have been able to achieve financial freedom personally?
The economic strength of every citizen gives direction not only to his family, but also the progress of the whole country. When we manage our own money wisely, the country’s economy also gets a strong foundation. Let us understand on the occasion of this freedom that you can get a financial freedom.
50-30-20 rules to manage expenses
If you want financial freedom, first of all make a habit of keeping accounts of every month’s income. Run the expenses of the month according to 50-30-20 rules. In which 50% of the necessary expenses (household fare, ration, electricity-water etc.), 30% on the things of your choice (entertainment, shopping, eating out etc.), and 20% keep it only for savings and investment. If you want, you can invest this savings in SIP, Mutual Fund, Fixed Deposit or Gold. Gradually this small savings will become big capital.
Keep funds ready for emergency
Life is uncertain, missing jobs, illness, accident or any kind of economic shock can come anytime. It is very important to make an emergency fund for this. Keep the amount of income of at least 6 months separate, which only when needed. This will not only give mental peace, but will also protect you from taking loans.
Keep the debt under control
If you have responsibilities like credit card bill, personal loan or home loan, then it is very important to pay them on time. By paying late, not only the interest increases, but your credit report can also deteriorate. Try to pay any EMI from auto-debit so that you never miss.
Insurance will give full guarantee of security
Insurance is a shield that gives financial security to your family in difficult times. Take health insurance and life insurance, and as the responsibilities increase, increase the amount of term insurance. Apart from this, insurance of the vehicle and home insurance is also necessary.
Make investment plan to fulfill dreams
Everyone has some financial goals such as buying their home, children’s education, travel abroad, or comfortable life after retirement. To meet all these goals, it is necessary to invest at the right place and right time. For this, options like stock market, mutual funds, NPS, PPF can be beneficial for you. When choosing investment options, keep in mind your age, risk ability and target.