HELLO GAINERS! COMMERCEGAIN IS BACK WITH ANOTHER KNOWLEDGEABLE BLOG ON “TOP 4 FEATURES OF MONEY MANAGEMENT!”
4. GETTING ALL RISKS COVERED:
• Apart from all the above Financial Planning, insurance is also very important. There are different types of insurance. Among them one of the popular is Health insurance.
• Imagine any situation in which you or one of your family member needs urgent medical facility and you don’t have emergency funds with you. You are now in financial trouble. Having health insurance guarantee that your health is safe with the company you have invested you’re the insurance.
• Other important insurance are Wealth insurance, Life insurance, Property insurance etc. These are also very important as everything has exposure to risk if not taken care towards it. Therefore, it is always important to have such insurances.
• Insurances protect all your needs. It enables high quality access at reasonable prices. It is highly affordable for different class of people.
3. PLANNING FOR RETIREMENT:
• Everybody now-a-days plan for their retirement and it is absolutely new normal. But the main question is, when you want your retirement? How it is possible? , In what way you save? And more.
• Once again, Investment in some good quality portfolios can be best and effective way to save money not only for Retirement but also for some liability expenditure.
• Setting a target limit of money and setting time limit for your duty can help you acquire your goal based on certain rules. So make certain rules for yourself and understand the approach towards it.
• Use Retirement calculator for easy purpose. Example, if you plan your retirement at age 60 and invest in SIP every month of Rs. 2900 for 30 years, you have more than 1 crore. This approach is very systematic and helps in realistic planning.
2. MANAGING SURPLUS MONEY (CASH):
Do you have some extra funds with you?
How are you going to deal with that? Any amount that is left after all your expenditure is said to be surplus money.
This can be cash or any other payment source.
If you don’t have management of that money, it’s likely to be spent on unnecessary sources.
That money can be used for something which can increase its value over time making yourself financially sufficient.
The money can be used for investing in some assets or stocks.
In the backdrop of inflation, where everything loses its value, Investing can be some source to avoid the problem of financial weakness.
Investing can be some idea of bridge that can connect your present finance to future finance.
1. MAINTAIN A PERSONAL BALANCE SHEET:
• Before getting started to spend your money, always crosscheck your bank statement or any other dairy that you maintain. This helps every individual to calculate their previous expenditure that they might now think that is not so useful. Hence, always remember to check all you old expenses.
• Having personal balance sheet helps everyone take their finances to next level. This simply means that everyone is knowing their financial capabilities and understand the welfare of their Finance.
• Another task that can be done is calculation of your assets and liabilities they own and owe respectively. It helps to co-relate your finances with each other. Payments of loans, credit card balances etc. are some debs that you can analyze to make a stable financial plan. As your repay your loans you are increasing your financial strength.
• One main thing is to analyze the type of Asset you own. Does your asset increase its value? Does it reduce its maintenance cost? At the end, it the usage of your asset. Use your asset wisely and have such asset that increase its value.
WE HOPE THAT YOU GAINED A WORTHFUL PIECE OF KNOWLEDGE FROM OUR BLOG!
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