We can avoid most of the man-made financial disasters by improving our investing personality through simple habits:-
1. At the beginning of the month, compulsorily keep aside a certain sum for saving.
2. Start by opening a recurring deposit.
3. Make a list of your financial goals and the money you will need to fulfill them.
4. Keep 6 months’ expenses for emergencies and invest the remaining amount.
5. Pick balanced mutual funds, which hedge the risk, but let your money grow.
6. Keep separate files for all your transactions – bank accounts, insurance plans, mutual funds.
7. Spare one day at the start of a month to update these.
8. Link your insurance premium payments with Electronic Clearing Service (ECS) mandates so that they are deducted automatically, and pay your regular bills, etc. through net banking.
9. Limit your credit cards to one, go shopping with a list and stick to it, and consider your long-term need for any item before you buy.
10. Buy an adequate term insurance and a family floater health plan beforehand.
1. At the beginning of the month, compulsorily keep aside a certain sum for saving.
2. Start by opening a recurring deposit.
3. Make a list of your financial goals and the money you will need to fulfill them.
4. Keep 6 months’ expenses for emergencies and invest the remaining amount.
5. Pick balanced mutual funds, which hedge the risk, but let your money grow.
6. Keep separate files for all your transactions – bank accounts, insurance plans, mutual funds.
7. Spare one day at the start of a month to update these.
8. Link your insurance premium payments with Electronic Clearing Service (ECS) mandates so that they are deducted automatically, and pay your regular bills, etc. through net banking.
9. Limit your credit cards to one, go shopping with a list and stick to it, and consider your long-term need for any item before you buy.
10. Buy an adequate term insurance and a family floater health plan beforehand.