Money Mantra: If you follow this advice then no one in the world can press you under debt, freshers must read

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Money Mantra: If you follow this advice then no one in the world can press you under debt, freshers must read


Photo:India TV This advice is very important for freshers

Highlights

  • need to budget
  • Be careful about loans
  • Saving is always beneficial

Money Mantra: While spending many times, this thought comes in our mind that what are the earnings for? Life is only received once, spend it freely. Have fun, party, go somewhere far away with friends. This is where the sinking of debt begins. Then whenever there is any problem in future and money is needed, then there is zero amount in the name of savings in the account. If you are in the early stages of your career, then you should be aware of the tips we are giving below. This will make it easier for you to save money and not get bogged down in debt.

need to budget

As soon as you start earning, first of all decide your budget. Be careful about your money. Keep track of every pie. Control expenses. Decide whether the thing you are spending on is useful to you or not. For example, there are many expenses like buying clothes, watching movies, having dinner or lunch outside which spoil your budget. Spend money on these according to the budget. All these steps will help you in saving.

Be careful about loans

There is a need to be very careful in the matter of loans. Avoid taking loans early in your career. It is often seen that young people start making huge purchases while starting their career. For this they also resort to loans. They understand when they have to pay it back with hefty interest. In the meantime, if some other situation worsens then it becomes very difficult. That is why Etihad is necessary.

Saving is always beneficial

I always advise my friends, family and clients to learn to pay yourself first. Start saving with small savings. Save regularly. For example, take student loans for children at affordable rates. Make purchases through credit very carefully. Use the pass near where you work for long trips. Always buy a used book. Ignore the late night party. Set multiple goals, small, medium and large. This will help you to achieve the goal.

emergency fund

Always maintain your funds, it is the most important tool to solve the sudden problem. For example, if you lose your job or you need a medical, then this fund will come in handy.

tie the knot this last thing

It is very important to understand your financial situation before you start investing. If you have any debt of high interest rate, then first take it off and keep an amount equal to your four-six months’ expenses in your savings account. Also, you should know that after how much time the money you are going to invest is going to be needed. This will decide which options you have to invest money in. Also, it is important to know how well you understand the investment options. There is no harm in taking the help of a good financial planner if you are not well-versed in investment options.

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