26 September 2022
By : Quick Insurance Guru
1. Manage your Money
Credit : Unsplash
Saving money can be a significant step toward financial independence.
2. Understand your Expenses
Credit : Unsplash
Before you spend, it is critical to understand your income.
3. Maintain a personal balance sheet
Credit : Unsplash
A personal balance sheet can help you understand what you own and what you owe!
4. Set a Budget
Credit : Unsplash
The most important step in developing a great financial plan is to create a budget.
5. Set Personal Goals
Credit : Unsplash
Setting a goal will help you understand where you want to go in the allotted time.
6. Save money
Credit : Unsplash
Saving money entails saving a single penny!
7. Fixed Deposits (FD)
Credit : Unsplash
They pay a higher interest rate than a regular Savings Account.
8. Public Provident Fund (PPF)
Credit : Unsplash
Because it is a government investment scheme, this is another safe investment option.
9. National Pension Scheme (NPS)
Credit : Unsplash
This plan combines various investment options such as Fixed Deposits, Liquid Funds, and Corporate Bonds.
10. National Savings Certificate (NSC)
Credit : Unsplash
This is yet another government-backed safe investment option.
11. Create an Emergency Fund
Credit : Unsplash
You can invest your money as an emergency fund, but you should be able to withdraw it if necessary.
12. Manage your Debt wisely
Credit : Unsplash
A lack of debt management may eat up a large portion of your pay.
THANKS FOR READING!
Top 12 Golden rules - Financial planning for Beginners