Our lifestyle is mostly determined by our income or salary, thus it’s more crucial than ever to pay attention to it in order to prepare for the future. Being more conscious of your wage usage might significantly impact when and how you reach your financial objectives.

Budgeting

Budgeting effectively is the cornerstone of all financial planning and can help you meet several short- and long-term financial objectives while ensuring that you don’t forgo your essentials.

• Always base your spending decisions on your net income, which is your actual take-home pay after all deductions.

• To develop a budget and then stick to it, figure out how much you spend on necessities like rent, food, transportation, bills (such as power, internet, monthly instalments or EMIs), and other essential expenses.

• As soon as you receive your payment, you should start putting whatever is left into your savings.

It’s imperative to save money before spending it, not the other way around. In an ideal world, you should save 35% of your income, spend 15% on personal expenses, and spend 50% on needs.

Watch you spending

Our intent is not literal. This is possible if you:

• Pay close attention to your expenditures, particularly when it comes to your expenses. Unexpected purchases and gifts add up to much more than you might think.

• By no means does this imply that you shouldn’t enjoy a few creature pleasures, but keep in mind that even a 500 INR reduction in expenditure can make a significant difference. The money you spend today is money you won’t have in the future.