How to have a financially sound 2020.
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Jaunuary 01, 2020
Entering a new decade can be so exciting; bringing with it a fresh start and wishes for prosperity from everyone you know. Having that said, the last thing you would want is things like overdue payments, long bills, delayed EMIs, etc. to follow you into the New Year. Well, this year you can easily avoid your financial evils by simply having better financial resolutions and standing by them in the coming year. Keep reading to discover how you can financially reinvent yourself in 2020.
- Fixing a new budget
- Paying your overdue debts
- Starting a savings and investment plan
- Becoming financially secure
When it comes to making a new budget it is very important that you consider your past financial history. When you simply put together a budget, you might overestimate yourself to follow an impossible budget. To avoid this, what you could do is, understand your past spending habits and then go ahead and make budget cuts where they are needed.
Having outstanding debts can throw you down a hole of late payment charges and penalties. To avoid this, you could start listing your debts based on their interest rate. Once you decide whether you want to pay lowest to highest or vice versa, you can start putting together the cash to pay these off to then better your other finances. Or, you could opt for one of our personal loans and pay off all your outstanding amounts. Then you’ll have just one EMI payment to make every month instead of juggling multiple monthly payments.
Like the ancestral advice goes, it is important that you have a strong savings plan. It’s suggested that you set aside an approximate of your 6 months’ salary. This helps you stay covered if in case you are faced with any emergencies. Having easily liquidated assets becomes favourable when there is any financial urgency.
A lot of people find it tough to get the feeling of being financially secure. It is a process – some find it tricky and a few find it simple. After you have paid off your debts, loan instalments, and other EMIs and have a balanced saving, you could go ahead and make financial investments, even consider asset allocation funds to improve your portfolio for the future.
Besides this, you could do more of what you want to. It could be a vacation that you have been putting off for a long time. The best part of being financially secure is that you can spend on things that matter to you.
We hope 2020 is a year full of growth and confidence for you and if you ever feel that you need somefinancial help, you can always count on us to ride with you. 😊
Here’s wishing you an amazing 2020.