Manage personal finance in India is no more an art when you are hitting your financial goals correctly.
But this is not the case with everyone, we all have some liability and at some point we see no fair justice with our money.
Manage personal finance in India is not all about investment but it involves all three factors Earning, Saving and Investment.
I am strongly not recommending to reach out any personal finance planner India type services or use personal finance software India or any personal finance app India because every person has its own requirements and these does not fit practically.
I am trying to bring best out of personal finance management tips from my experience.
5 Great Tips to Manage Personal Finance in India
1.Create Passive Income Source
You are already working somewhere which is giving you a fix salary every month. Push yourself to create a passive income source as well.
Find some time in your daily routine be it 1 hour or more, see what suits you best and create another earning stream. You need not to go out and work somewhere but you can manage personal finance in India by online earning. Yes it is possible.
You can earn from your writing skills, create a passive income source from social platforms like YouTube, Twitter ,Facebook etc..
Choose from 14 Ways of passive income source and see what suits you best.
2.Get Your Money Works for You
Don’t let your money just sit into your saving account. Create an investment plan. Choose small and safe then make it large. Investment plans is an individual call and one can invest depending upon requirement.
You can invest in Fixed Deposit and expect a return of 3% to 7% or depending upon current rates.
Liquidity funds are also a good option with a return ranging from 5% to 8%.
Other options are PPF,Equity,Mutual funds and many more. Make a plan and see what suits you best. When it comes to investment, personal finance planning in India in really important.
3.Pay Off Your Loans or Debt as Early as Possible
There isn’t a true justice with our financial goals if we are not able to get free from our Loans and Debt.
Paying almost double amount with EMI as compare to Principal amount really hurts. Do some extra payment with your regular monthly payments. There are also many ways to finish off our loan.
Make a plan and see if any small contributions towards your debt clear your loan early. Give it a try, it is worth. I was able to pay my loan early with these small contributions.
Learn 9 amazing ways to pay off your loan early.
4.Your Best Ways of Saving Money
Personal finance management is incomplete without great savings. Know your priorities and excel them.
Make a budget and follow it.There are multiple room of savings and many times we carelessly ignore it. Point out those and try to make best of your budget by keeping track of all priorities.
We can save money on electricity, on Vehicle fuels, Travels, income tax, cashbacks etc..
Know best 19 ways to save money in India.
5.Read More on Personal Finance Management
There are many resources available on internet and also in form of books. There are also many personal finance India blog and personal finance magazine India, read them to have overview of different practical approach towards finance management.
Some of my best personal finance blogs are:
CALL TO ACTION!
To reach our financial Goals and to get financial freedom personal finance planning in India is really important. Above are some best Tips from my experience.
Do let me know in comments if there are other ways by which we can manage personal finance in India in better ways, it will help me to add it here.
SHARING is CARING. If you LOVE this post Please SHARE for someone.