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Starting as a first-time earner, what you need first is a plan for your finances. Financial planning is a step-by-step approach to meet your financial goals. It helps you to manage, organize and control your finances and guide you throughout your financial journey. For example, if you need Rs 5 lakhs for your wedding next year, then you must plan your finances in a way so that you can save up for it in a systematic and organized way. This is where financial planning becomes essential. So let's understand the 10 golden financial planning rules that can help first-time earners like you to smartly manage your money: Money Management: Managing money is not rocket science, and it is not necessary to have a financial background for it. Some daily commitments are all you need. Deciding how to save is the first step towards money management. Saving money can help you towards greater financial independence. Everyone has financial goals in their mind, like buying a vehicle,

It’s December already, and many of us are thinking of all the positive changes that they are going to bring into their lives in the coming year. If improving your finances is on the list, then here is a list of 10 things that you can do to improve your finances in 2021. Invest in Yourself - The best investments you will ever make in your life are the investments you will make in yourself. Find a course or learn a skill that will help you create more value. If you are beginning to invest, take a class on personal finance or the basics of investing. If you work in the IT industry, take a course to help you create more value in the company you work for. Investing in yourself will give you great returns in the long run. Start Saving for the Future - There is no right age to start saving. Saving money is a habit that you should teach as soon as possible. Understand your financial goals and design a plan that will help you achieve them. Start saving for those goals and stay consistent.

The best time to start saving money is right now. Saving money is a habit, and the longer you form this habit, the longer it will pay you. Understanding the benefits of savings & investments is also essential. Saving some money from your salary every month can add up to a decent amount pretty soon. So, let’s quickly dive into ten essential yet motivating habits for you to save money. Pay Yourself First: The essential thing to understand about earnings is that our income is not the salary that we get. It’s the money we save from our wages. It’s always a good idea to have a goal with a systematic plan where some part of your salary is kept aside for future investments. This makes sure that you save money monthly and security that you get interests in your savings. Keep a Track of your Expenses: You can't manage what you can't measure. To maintain your budget, it is essential to keep track of them. Explore apps like Wizely where you could enter your income after savi

When it comes to money matters, even the smartest of us can make some bad money choices. From falling in love at first sight with an expensive car to shiny gadgets, life is fraught with financial choices that are made rather impulsively instead of a well thought out decision. Moves that can, and often do, lead to costly mistakes. In order to sidestep major money blunders, resisting first impulses, though not easy to do, is absolutely crucial to effective money management. Making financial decisions, and feeling confident about them, is no easy task. The decisions we make with our money can have long term effects on our financial well-being. Here are 5 tips that will guide you to make better money choices in the future. 1. Create a Budget Creating a budget is the most fundamental rule of thumb when it comes to money management. Smart money management begins with creating a budget and then sticking to it with utmost discipline and dedication. This might sound boring and r

Like other goals in life, it’s incredibly important to set financial goals based on your current circumstances and future desires. While it may seem daunting at first, learning how to create achievable financial goals gives you something to work towards and helps you stay motivated. Chances are, you have many things you hope to achieve financially. If you’re wondering how to manage your money better, you should set both short-term and long-term financial goals. What are Short Term and Long Term Financial Goals? Short-term goals are those that you can achieve within a year. Examples of short term goals would include paying off credit card debt or building an emergency fund. On the other hand, long-term goals are those that you can accomplish in five to ten years. Examples of long term financial goals would include things like buying a home, going debt-free, saving for retirement, etc. Now let’s talk about how to set S.M.A.R.T goals so that you have a higher chance of achiev

In the last few years, investors have experimented with several means to take their investments to reach skyrocketing results. First, investors must consider what they will gain from putting a lot of money at stake. Many believe that the stock market and real estate sector are two significant places for anyone to consider. Some often compare investing in stocks to being different, like living in a rented house and owning an apartment. Secondly, when you choose to enter this domain, there are more than a few ways to earn money. Experts suggest newcomers should streamline their goals and perform a risk assessment. Finally, because the stock market is a highly changing one, you must evaluate the pros and cons before going full swing with your investment. In this article, we have listed the ten best reasons why you should start investing in stock markets. 1. Outrun Inflation You cannot deny the fact that Inflation is rapidly increasing across the globe. The stock ma

Awesome that you want to get started with learning about finance! We are excited to help you get started on your financial literacy journey :) If you are still unsure about what is Financial Literacy and why should you brush your financial knowledge, then check out our blog right here: What is Financial Literacy? Now, as you become financially literate and accomplish more with your money, you may want to test different ways of making your money work for you. When you begin considering more complex solutions, your old place of “financial literacy” isn’t sufficient anymore. You need to up your game. So think of financial literacy in stages rather than as a destination. You don’t arrive at financial literacy; it’s a skill you build throughout your lifetime. So, wherever you are on your journey, we have some five basic ways to uplift your literacy game. Hit the Books - Finance books will be the key to your quest to move ahead in your financial future. Learning abou

Achieving financial freedom is a dream goal for many people out there. It means having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family—and a growing nest egg that will allow you to retire or pursue the career you wish to without being driven by earning a certain amount each year. Unfortunately, personal finance/money management is not a subject in most schools or colleges. The lack of primary financial education leaves many youngsters clueless about managing their money, applying for credit, and staying out of debt. Now things are changing. High school students now have the option of choosing personal finance, and starting their financial journey by getting an accurate picture of their money. So here are a few ways how you can start on your financial journey: 1. Take a Quiz Answer simple questions to measure your financial wellness and get ready for making some adjustments. Take again in some time to see if you

  Have you been planning to start saving for some time but have no idea where to start? Have you tried some basic savings tricks but weren't happy with the results? No worries. We might have the perfect recipe to help you kick start your journey. This challenge might seem extreme but has shown to have tremendous results for people who have taken and completed it. If you are looking for inspiration, check out these hashtags on Instagram' #nospendchallenge', '#nospendmonth,' '#wizely.' So let us get right into what a No Spend Challenge is and what you need to do to take and complete one successfully. A no spend challenge is a commitment to yourself regarding your spending plans for a specified period. Some people like to do 'No Spend Weekends,' some prefer a 'No Spend Week.' It all depends on how far you want to take it and what suits your needs. As for the no spending part, some people prefer to pre-decide precisely what things

What is an Asset? In financial terms, an asset is any object or resource that can be monetized. Assets can be owned either by individuals or companies. Assets owned by companies might generate revenue in some form or benefit the company in some way. Similarly, personal assets like a house, a car also yield long-term benefits for individuals. What are the Types of Assets? Personal Assets Personal assets are things that are owned by an individual or a household that generates or will generate value. Examples of personal assets include: Physical cash and cash equivalents Certificates of deposit Savings accounts Money market accounts Treasury bills Land owned Personal property – Jewellery, automobiles Investments – Bonds, the cash value of life insurance policies, mutual funds, pensions, retirement plans etc. An individual’s net worth is calculated by subtracting his liabilities from his assets. Hence a positive net worth would mean the value of the assets outweighs

Taking resolutions for self-improvement is the best way to enter into a new year. The year 2020 has been full of surprises, and the Covid induced lockdowns have compelled people to think about the finances. Financial planning is essential if you wish to live a life of   financial stability   and freedom. The best way to achieve anything is to set a clear goal and design a plan of action to achieve it. Money management is similar, and you must set financial goals for yourself and devise a plan to achieve them. Let us look at some new year resolutions that you can take to get started on your financial freedom journey. Read Books on Personal Finance   - Learning about   personal financ e is the best thing you can do for your financial health. Money-saving is a habit that should be taught as early as possible. Reading about the subject will give you new ideas and the much-needed motivation to implement them. Make a resolution to read at least four books on personal finance during the year.

A part of what you earn is yours to keep.' This line from the famous book 'The Richest Man in Babylon' by George S. Clason explains a lot about why we should save money for the future. He claims that most of our income goes to other people like our landlord, food vendors, shopping store owners, etc. He says to grow one's wealth; it is essential to save money, pay yourself first, and pay others who make your life easier. So let's look at ten strategies to save money from salary: 1. Automate Your Savings The moment your salary arrives, it is advisable to transfer at least 20% of the amount to a savings/investment account. It's recommended to automate this process to avoid missing it through a systematic investment plan and earn interest on savings. 2. Make a Budget Saving money is all about keeping track of your expenses and controlling them. It is good to make a monthly budget by dividing your expenses into major categories and sticking to

As you gradually begin to understand the concepts of financial wellness score and credit score, you will surely encounter phrases like ‘low credit score’, ‘good credit history’, ‘bad financial health’, ‘financial well-being’ a lot. But the key to making smart financial decisions is understanding the different components that are considered while calculating your scores and knowing which ones will help you improve your finances in the long run. So let’s dive right in. Credit Score As you may already know, a credit score is a measure of your ability to return any loan or credit. In other words, a credit score is intended to measure your credit-worthiness. It is a three-digit number ranging between 300-900, 900 being the highest. Which means something between 700-900 is a very good credit score. Components of Your Credit Score Payment History : This is the one of the most important factors to impact your credit score. If you miss your EMIs, delay the payments o

Extra money - Who can say no to that! Whether you're saving for a down payment, paying off your debt, or repaying a student loan, this extra income can go a long way. A side hustle job is always a game-changer and makes all the difference in your wallet while at the same time giving you the freedom you've always wanted. What is a Side Hustle? The money you make outside of your regular 9 to 5 job. It gives you the freedom to achieve your passion, buy the things you need or have wanted to have for a long time, and lower your financial burden. The reality is, most of the regular jobs don't help you pay all the bills. And mainly if you have just started your career. The worst part is that there is always a cap on your financial growth. So, start a side hustle, something that can either help you make more money today, something that acts as your second income should you face unexpected job security . Here are the top 10 best side hustles that'll help you

From buying a phone to planning your retirement. From planning a two-day trip to buying the house of your dreams - we all have such aspirations but how do we go about turning them into reality? The answer is simple: SAVINGS! Being smart about your expenses and making goal-based financial decisions can help you achieve your dreams with increased financial stability. Decide Your Saving Goals Saving goals are the targets that you set for yourself and then plan how to achieve them. Every person has different saving goals like taking a vacation or buying a house or even planning for retirement. These all are goals for which you can immediately start a savings plan. Types of Saving Goals Saving goals can be divided into three groups: Short-Term Goals:  Goals that require almost immediate action are short-term goals. They are mostly repetitive and are addressed at frequent intervals. The best way to achieve these goals is to make a budget and strictly adhere to it.

Getting out of debt is something you can do for yourself with the right tools and motivation. Debt is known to be the primary reason for financial struggle and getting out of it involves systematic planning, making the right financial decisions, and re-evaluating your relationship with money. If you already have debt then probably one of your biggest monthly expenses is dealing with that debt. The first step to getting rid of debt is to accept and take full responsibility for the situation and decide to work on it with discipline and dedication. Here are some tips that can help you become debt-free over time. Make a Debt Repayment Plan Some debts are interest-free while other types of debts come at a very high price. For example, borrowing money from a friend comes with no interest. But when you borrow money from a financial institution, it always comes at a price, in the form of interest rates. The lower your credit score, the higher the interest rates. Therefore, it’s imp

The economy has recovered faster than expected after the Covid-19 induced lockdowns. The markets are performing well, and companies are releasing much better than desired results. The number of people investing in the equities market has increased dramatically after the lockdowns. If you are looking to invest and save for retirement, here are some investment tips you should keep in mind before investing your money. Invest in the Long Term - If you understand compound interest, you will know that time plays a vital role in your wealth creation through investing. Invest in companies that you believe have the potential to grow your wealth over the long term. It is a fact that over 90% of traders lose money in the stock market. The best way to avoid that is to invest only in companies with excellent reputations and growth prospects and stay with them for the long term instead of trying to predict whether the markets are going to rise or drop. Invest in Instruments you Understand - It is es

  Saving money for the future is a thought that comes to everyone's mind regardless of their age. If you are a kid, you might want to save your pocket money for your friend's birthday. If you are an adult, you might want to save money for your retirement. So let us look at some exciting secrets to saving money that will help you save a little more than usual. A Part of Your Income Is Yours To Keep This might seem confusing. You would have always believed everything you earn is yours. But is that true? Do you not pay rent to your landlord or the vendors for food. The money you spend to pay the people that make your life easier ultimately does not add to your wealth much. If you learn to look at your income this way, you will realize that what you earned is only the money you saved. Any money-saving expert will recommend you shift at least 20% of your income to a savings/investment account as soon as your salary comes. This will not only help you save money but also earn