In today’s fast paced life it is essential to de-stress ourselves from time to time. One of the biggest causes of stress today is managing our finances. However, financial stress can be avoided using a diligent approach.
So, on this Yoga Day, we bring to you 10 financial tips to manage your finances-
1. Insurance to Deal with Uncertainties
Before anything else, it is important to insure your life as well as that of your near and dear ones against any financial strain in the event of a disaster. Moreover, insuring valuable assets, such as property, jewelry and vehicles can prove to be a crucial buffer against theft or accidents. An insurance is an assurance of financial ease for you or even your family in your absence.
2. Dedicated Savings for Important Future Goals
As a family, there are many important events to look forward to, some of which include, child’s education and wedding, planned holidays and financial cushioning post-retirement. To ensure each of these goals are successfully achieved without any compromise, make separate long-term investments and follow up on them diligently. You can opt for Bajaj Finserv Loans from Finserv MARKETS to deal with any unforeseen overhead expenses while realising these goals.
3. Allocate Money for Emergency Expenses
Undesirable events, such as medical emergencies and job loss are beyond control but can be planned for with prior dedicated savings. Building emergency savings right from the start can help assuage the panic that otherwise strikes at such times and lighten the load on your shoulders.
4. Go Easy on the Loans
Avoid signing up for multiple loans at the same time. Wait until you have cleared off the existing loans before you get into the EMI loop again. Constantly spending your income on EMIs would reduce the money on your hands and increase the stress that accompanies with it.
5. Look out for Tax-Saving Avenues
You don’t have to lose your hard-earned money to taxes if you wisely invest in schemes that offer tax benefits. Tax-saving Fixed Deposits and Public Provident Funds are just some of the tax-saving schemes that can work as an investment avenue for you too.
6. Choose the Right Financial Product
Financial products can be your saviour if used at the right time for the right purpose. Ask if the loan amount is significant as you can then opt for a personal loan to repay the loan in manageable EMIs. You can avail Bajaj Finserv Loans from Finserv MARKETS for easy personal loan options. Use a 0% APR Credit Card if you need to repay a small amount that can be cleared off in a short period of just few months.
7. Use Credit Card Mindfully
Credit cards are a stairway to realizing immediate desires and dreams at your whims. But the credit card bills eventually need to be settled and if the expenses are huge it could be financially straining. Hence, to avoid unwanted debts later, keep away from the temptation of impulsively purchasing items and limit your credit card expenses.
8. Pay Off Debts on Time
To pay off debts on time is to pay off debts before or on the due date without any delay. You could set personal reminders so you don’t miss the due date and end up attracting late payment fees. Timely payment of debts works in favour of your credit scores too.
9. Maintain a Good Credit Score
A decent credit score acts as an assurance for the lenders to know how reliable and responsible you are with your money. This in turn makes getting a credit easier with fewer questions asked. Few practices to tilt the scales towards a good credit score:
- Ensure your loan EMIs and credit card bills are paid before time and reach the bank before the due date passes.
- If possible pay the credit card bill entirely rather than paying only the minimum amount due as the former practice improves your credit score.
- If your credit utilisation ratio is more than 20%, ensure the credit card expenditure is always less than 20% of the credit card limit by increasing the limit on your credit card.
10. Safeguard yourself from Theft or Online Fraud
Avoid using credit cards on malicious websites with suspicious origins. Before you make an online payment check for authenticity of the website’s URL. A secure website has https instead of http in its URL. Use chip credit cards as they are encrypted and its makes it impossible for hackers to steal any sensitive information even in case of a theft or loss.
We hope these financial tips on Yoga day help you relax and breathe your way out of any existing financial troubles. Incorporate these financial tips for a smooth ride to steer clear of any financial conundrum. Finserv MARKETS offers various kinds of tailored-made loans to meet your financial needs.
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!