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Top 10 Golden rules - Financial planning for Beginners
Smart Ways to Make a Financial Plan
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1. Manage your Money
Money management does not have to be boring. It's not rocket science, and you don't have to come from a financial background to do it.
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2. Understand your Expenses
Before you spend, it is critical to understand your income. Keeping track of your expenses will give you a better idea of your spending power.
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3. Maintain a personal balance sheet
A personal balance sheet can help you understand what you own and what you owe! It's a very effective tool for taking your finances.
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4. Set a Budget
The most important step in developing a great financial plan is to create a budget.
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5. Set Personal Goals
Setting a goal will help you understand where you want to go in the allotted time.
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6. Save money
It's critical to keep track of how much you spend so that you can devise a savings strategy.
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7. Fixed Deposits (FD)
They pay a higher interest rate than a regular Savings Account.
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8. Public Provident Fund (PPF)
Because it is a government investment scheme, this is another safe investment option.
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9. Create an Emergency Fund
You can invest your money as an emergency fund, but you should be able to withdraw it if necessary.
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10. Manage your Debt wisely
A lack of debt management may eat up a large portion of your pay. You may have to take out new loans to pay off old ones.
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