Check out books about money to boost your financial know-how. They’ll help you grasp investing, saving, and managing your cash better. Plus, keep up with articles, blogs, and expert insights to stay in the loop on financial matters.
Investing is just as crucial as saving. Begin by putting away small amounts in mutual funds, SIPs, or the stock market. These can yield solid returns over time. Make it a habit to plan your monthly expenses and savings ahead of time. This will help you keep unnecessary spending in check and save effectively.
Aim to set aside 20% of your income each month for savings. This will come in handy for future needs and unexpected costs.
It’s wise to have a savings cushion that can cover at least six months of expenses. Think of it as your emergency fund, which can protect you during tough times like job loss or other crises.
Having health and life insurance is like having a safety net for you and your family. It offers financial support in case of serious health issues or accidents. Get insurance at the right time to keep your premiums low. Start contributing to a pension scheme or Provident Fund (PF) from your very first job. This is key for your financial security after retirement. The earlier you start, the larger your fund will grow.
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