Highlights

  • Focus on small steps on savings
  • Need to create emergency funds early

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Top 5 habits to ensure Financial Freedom this Independence Day

How to be financially atmanirbhar by adopting simple habits early explained

As the word Atmanirbhar resounds across the economy, many wonder how does one really achieve financial freedom away from loan and debt burdens. This Independence Day Editorji brings you easy 5 habits that will help you on you to reach fix your finances:

1. Budget 101: It all starts with a budget, experts recommend everyone irrespective of their salary levels maintain a budget to keep expenses in check. List basic expenses and leave room for a little 'splurge'. Important to not just list essentials but also personal priority spends as well. Many popularize the 50/30/20 rule -: 50% for needs, 30% for wants, and 20% for savings

2. Clear Dues ASAP: As soon a credit card bill/EMI is due pay it off immediately. Do not fall into the trap of paying 'minimum' as it will circle you down a interest payment drain. If you have made a large purchase on your credit card, personal finance experts recommend paying it off even before the bill is generated by the credit card company to avoid bundled payments which may leave you short at the month end.

3. Ensure you insure: Insurance is an important financial tool. It can help you live life with fewer worries knowing you’ll receive financial assistance after a disaster or accident, helping you recover faster. Health, life and even term insurance are now an essential part of your budget given rising expenses and risks.

4. Save something, anything: Many argue I don't make enough to save. Finance experts say that with a little budget manouver and marking out wants vs needs makes room for much needed savings as little as it may be to start with.

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5. Monitor Your Credit: Everyone has a credit report card, you may argue that you don't have a loan so do not need to bother but that is a wrong approach. It is important to ensure that your CIBIL score which is affected even by your credit card payments is high this will ensure if need be you get loans are a cheaper rate as you are labelled as a 'low risk' loan taker.

Here is wishing you a happy journey to financial freedom.

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