Saving money with some planning is easy but being financially healthy involves more than that. It includes building funds for emergencies, investing for better growth, avoiding spending beyond your means and more.
However, everyone has different goals and preferences. As such, there is no one-size-fits-all solution that answers the question of how to stay financially healthy. Nevertheless, there are some tips and tricks that can help you get there. Some of these are listed below:
Budgeting your income and monthly expenses is the first step towards improving your financial health. There are numerous methods, of which 50 / 30 / 20 is one of the most widely followed. According to this method:
You can choose a different approach or adjust the ratios according to your income and expenses. This will help follow the budget easier and allow you to secure your financial well-being.
Rather than cutting back your costs to save more, you can work towards increasing your cash inflow. This will help you finance not just your needs but also your wants. To do this, you can:
This is among the most recommended methods to prioritise your financial future. Ideally, you should build a corpus that can cover your expenses for 2-3 months in case of income loss. You can easily start with a savings account and add to it regularly.
Also Read: Tips to Make Smart Financial Decisions
Poor credit score can limit your access to financial services, which can negatively affect your overall financial health. Given this, you must regularly track your creditworthiness and take the necessary steps to improve it. Some common reasons for a low score include:
In the age of instant gratification, you may want to make purchases without thinking twice. However, you must resist the temptation to avoid unnecessary expenses and put the money towards better use.
One way to ensure you do this is to track and analyse your spending habits. Also, remember that you can give in to your wants sometimes, but make sure you don’t overspend.
While thinking about savings and investments, you must also think about how you can lower your borrowings. This will help ensure you don’t end up using what you accumulate during repayment. If you have multiple loans, you can opt for a personal loan and consolidate your repayment to streamline payments, all while saving on interest.
Based on your income and financial obligations, you can start investing in any scheme that suits your goals. An ideal investment should help you accumulate the required corpus in a given period. You should also diversify your investment to mitigate the risks and protect your finances.
Becoming financially healthy requires discipline and keeping close tabs on your spending habits. If you need funds to get started on your journey to secure your financial well-being, you can rely on the Fibe Online Personal Loan. You can get up to ₹5 lakhs at rates starting at just 2% per month for a flexible tenure of 3 to 36 months. This will help you pay in comfortable EMIs that meet your budget.
The funding also comes with no end-use restrictions so you use it for investment, paying tuition, or any other goal. What’s more, you can also foreclose the loan without additional charges. Download the Personal Loan App or register on our website to start the application process with minimal requirements!
To be financially healthy, try these easy and simple tips:
Here are some of the tips you can try:
