5 golden rules for making your financial life happier
PremiumExperts suggest some golden rules to make your financial life happy in 2022-23
The last two to three years were a complete mess for all of us -businessmen or employees. And we still haven't recovered from the pangs of covid pandemic. If you ask people around you about their financial status, you will find that most of them are worried about their finances. Handling your finances is no easy task. However, it is also a fact that the more prepared you are to fight monetary adversities, the better control you will have over your life in terms of money.
Experts suggest some golden rules to make your financial life happy in 2022-23.
Satisfaction
The hunger to earn more and be more successful will never die. The need to compete is needed when you are not satisfied with what you have. Start being satisfied with what you already have. It will also help you to plan the future better.
Future planning
No one knows yours financial condition better than you. So, spend a few hours in financial planning. Amit Gupta, MD, SAG Infotech said, “Plan your future wisely. If you are here then you are probably spending your night in the calculations of income, savings, EMIs, expenses, and future possibilities. So no one can know your financial condition better than you. Spend a few hours in financial planning where you take care of all the expenses and align them with all the sources of your income, without missing the savings. It will help you to be prepared for everything and you will be able to handle the situation better."
“Business owners, freelancers, and entrepreneurs should consider financial planning as a mandatory and core task. In the case of multiple sources of income and avenues for expenses, it is prudent to use technological means like software and mobile applications to keep a track of cash inflow &; outflow and set goals for your savings and profits," said Rahul Raj, Co-founder &CEO, FloBiz.
Time management
You can earn money again but not time. Wasting precious time of your life when you can use it to do things of great value is simply irresponsible. If you want to be financially stable and happy, then make good use of your time and start working on it continuously.
Health Insurance
‘Health is Wealth’. Don't risk your health and life in any way so be prepared for a bad time and take health insurance.
Do not overspend
Overspending is a disease, and the worst part is that when we are addicted to overspending, we see everything as an opportunity. Gaurav Kapoor, director and co-founder, Fincorpit Consulting said, “Overspending is not the only issue here, sometimes we spend due to fear or excitement and in both ways, we lose the financial balance. So my advice is to you that take some time before making an investment and spend wisely. Additionally, take benefits of tax-saving schemes so that you can save more for yourself, your family, and your future."