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5 Healthy Financial Habits for Indian Citizens that Will Make Everything in Order

Healthy Financial Habits for Indian Citizens – Wondering where the salary goes? Do you want to take out a loan for gifts for your loved ones? If you answered “yes” to at least one of the questions, then you should definitely think about the level of your financial literacy. We have identified basic money rules for Indian citizens that will make life easier.

Keep Track of Income and Expenses

This rule is as old as the world. When you know exactly how much you spend a month on food, clothes or entertainment, it will be easy for you to start saving for vacations, plan for expensive purchases in the future, and avoid a budget deficit (when expenses suddenly turn out to be more than income).

If you mainly use cards, it is easy to keep track of expenses and income in the bank’s online application. If you like to write by hand, keep a separate notebook where you can control your budget. In this way, you will discover how much money you spend on casino games known as कैसीनो गेम in Hindi, personal things and other stuff.

Healthy Financial Habits for Indian Citizens –

Financial Cushion

It is impossible to predict when you will need to buy expensive medicines, restore documents or renovate an apartment after the neighbours upstairs forgot to turn off the shower tap. Therefore, it is necessary to form a financial pillow so that you do not have to borrow in an emergency.

How to form such a pillow and how much do you need to save? The final savings amount should equal 3-4 of your monthly salaries. It is recommended that you set aside an amount equal to 10% of your income every month.

In terms of storage space for a financial cushion, an envelope under the mattress is not the smartest option. If you have already collected something, put it on a deposit in a bank (with the possibility of partial withdrawal). These savings will also make life easier for you if you decide to move to another city or country.

Set Financial Goals

Healthy Financial Habits for Indian Citizens –

If you want to go on a trip or, for example, buy an apartment, you should think about how much money you will need for this and how many months you will have to save. It is important to assess your current capabilities, calculate the deadline for achieving the goal and choose the right strategy.

The main thing is not to succumb to social pressure and not chase after a fashionable, but unhappy purchases. Once a month, review your goals, perhaps new ones will appear, and some will become irrelevant.

Take a Loan Once

Many people know firsthand what a strong psychological pressure debt has on a person. You constantly have to remember the amount that needs to be returned, you are afraid that you will lose your job. In addition, debt is negative monetary energy that blocks your financial development.

If you cannot afford to buy a car with your own money, then you are not ready for this yet, and this is definitely not a reason to take out loans.

Forget Impulsive Purchases – Healthy Financial Habits for Indian Citizens

This is the most important rule if you want to get your finances in order. If you spend money without thinking, then up to 40% of the expenses will be redundant. It’s no secret that modern marketing allows companies to sell a huge amount of unnecessary, useless (or even harmful) products.

Buy gifts in advance, go to the store with a pre-made list, and buy clothes at the end of the season for next year. These tips will help you save a lot of money.

Learn to be mindful before making any purchase. This habit will not only help you avoid unnecessary spending but will also have a positive impact on other areas of your life.

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