Money Management - Necessity for a Happy Life

Dear Readers,

Money Management is today's necessity due to inflation, we need more money every time we go out and buy things of Necessity due to increasing Prices, And if we do not manage our money well then we may be in trouble for not having money to spend for family needs

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Many Middle-class people who are in Jobs or Small Business we can see spending on a luxury like Car, Foreign Trips, Costly Apparels & Utilities, etc. They spend their hard-earned money on unnecessary luxury & don't make specific saving goals, And due to that at the time when they need in an emergency then they have to go for Heavy Interest Loans or Credit Cards with huge charges, 

Today a Price of any goods is found doubling every year along with inflation & increasing costs, it means we have to increase our savings to maintain our spending capacity and live a happy life.

So, Guys, I am not against the Loan or Credit card, but I am against the unnecessary spent, So, first thing if we have to create our Financial Goal then we have to be a wise spender.

And how to become wise spender, we are providing a few tips given by experts.

1] Make a Budget: Yes guys we all need a Budget it may be on a piece of paper but it's necessary to know about our income & our expenses, we also have to track our last month's income, spent & savings made any.

2] Shop Wisely: We found that people buying unnecessary thing's just because someone has it or its new trending in the market through advertisement. We have to understand that Marketing companies are using any means to sell their product to their customers but we have to become wise and not to fall in their trap by becoming a wise buyer. When we go shopping we must focus on buying only the necessary things to control overspending.

3] Bargain: Yes, guys we have to habit yourself to soft bargain wherever necessary, we have to see what happy discounts we can get from the sellers, Sometimes bargaining may become in quarrels because we may don't know the actual price of that goods So, we have to make a soft bargain to get necessary discounts.

4] Cost Cutting: Yes, Guys we have to cut costs wherever is necessary & considering our family needs, Suppose we are spending more money in eating out and Outings then we have to check the grocery cost to make that food at home or check for any in-house activity we can do together with our family.

5] Smart Saving: We have to make a necessary saving for unpredictable Emergency Future need's which may fall us in a trap of High-Interest Loans & Credit card Usage. We have to save at least 50% to 75 % of saving out of our income, then can we make a comfortable sum to meet our future or retirement need. 

Saving can also divide into 2 parts out of 100% saving amount we have to move 50% saving in safe Bank Deposits or Government Bonds with moderate returns but have high security and rest 50% of the money we can transfer to Share Market Stock, Mutual Funds, SIP, etc. with good Asset Management companies which are High Risk but Better Returns Segment to make a better amount of saving for our future needs.

We have to diversify about our savings, we have to accordingly plant them in different investment options to keep our hard-earned money safe from financial market trouble.

6] Increase Income: Look guys its more inflation time and we have a generally more income to meet the costly living cost & savings, And so we have to always look for opportunities to use our skill to make more income along with our daily routine job, and those are in business have to search for another Side Business / Business Growth opportunities to increase income. If Two persons can earn for a family then it will also be an easier way to generate more income, just we have to make sure to have elderly to stay home and take care of the Kids.

7] Need base Luxury: We all want a Luxury in our life, sometimes we spend on luxury items to make ourselves & our family happy. But we have to think twice before spending on any luxury such as Car or Big House or Foreign Trips Outings, Honeymoon Trips, Family Outings, etc.

Friends, if we don't have any savings for luxury buys then we choose to buy them on the basis of Credit Card of Loan which is not a good idea, It increases the Loan EMI Burden & create a gap in our budget, which we have to avoid by planned save some money every month to buy that Luxury item after enough savings to spend & maintain that object.

Suppose we buy any car on EMI then we have that Loan EMI along with Burden of Car Running & Maintenance Cost its Insurance & Road Taxes etc. which is excessive cost and we have to always take into consideration that whether you are financially free to buy that thing or not.

There is nice Quote by Billionaire Warren Buffet: "If you spent on unnecessary things in your life then one day you have to sale the necessary thing for your life"

8] Buying Insurances: Insurances is important part of our Financial Planing Just like other necessary household things. getting insurance such as Life & Medical helps can secure our family financial life in real life & death emergency.

Life insurance can give a long-lasting financial assurance to our loved ones in the case of Insurers Unfortunate Demise and Health Insurance can help a family to pay huge medical bills in case of any Emergency Hospitalization of any family member due to any Major Diseases.

Friends we cannot predict our life situation and no one can guarantee about his health, because of increasing food adulteration, Low quality of Life, polluted environment & rise of Pandemic Viral Diseases, And only Good Life insurance can assure your family a financial safety & help to come out from sudden financial trouble during an emergency, So, it is necessary for everyone to buy both a Good Sum Assured Life Insurance & Medical insurance.

9] Invest in Yourself: Warren Buffet says us to invest in ourselves, the more we increase in our Skill, Health & Knowledge we become more useful to society & also become wealthy accordingly, so we have to invest in ourselves so we can become eligible to stretch our self towards Financial Freedom.

Thanks for Reading!
Have a Great Time!

Infoholick.com Team