Personal finance management helps you improve your financial decision-making and take small steps in life that can make a substantial positive difference later on. If life for you is just about fulfilling your basic needs, maybe you have reached the zenith of spirituality. This is where you need personal finance management to come into the picture

Saving: The ignored “Financial Angel”

Saving is the first step towards ‘Minting your Money’

  • Transform your Savings into Personal Capital
  • If you are stuck in the cycle of saving money to spend more, you will never be able to convert it into personal capital

Smart Ways to Save More:

Stop using credit cards

  • Keep your emergency fund in a separate bank account
  • Sell unnecessary items
  • Cancel your unnecessary subscriptions
  • Avoid impulse purchases
  • Give yourself ample time and think before purchasing.
  • The primary reason behind extra spending is impulse purchases

Budgeting: As Simple as it Can Be

Budgeting is nothing but managing your expenses, that is, allocating portions of your income for individual purposes or essentials and not spending more than the specified limits.

  • The famous 50-30-20 rule: spend a maximum of 50% of your monthly earnings on essentials, not more than 30% on wants and luxuries, and save at least 20% for your future.

Know your budget

Create a list of all your income or cash flows

  • List all expenses or cash outflows
  • Allocate suitable money to each of your essential expenses
  • Start allocating money for an emergency fund
  • Set goals with time horizons and allocate some portion of earning towards them
  • Track your spending regularly

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