2. Make a budget plan

Nowadays we see most of the people living without a budget, they have time to watch television, or play games or go for shopping but have no time to sit and make a monthly budget. This is not a rocket science to sit and research; it is just your income minus your expenses. Keeping a budget will help you spend less and save more for your future. Always remember your future financial situation is totally dependent on your current financial planning. Try to update your budget at least once a month, so that you can track your weekly expenditures within the budget and have a clear picture of where your money is spend every month. This will help you to cut out extra expenses and contribute more toward your savings funds for your future.

3. Make financial statements of your own

Start off by preparing your own financial statements to know where exactly you stand financially. The checklist should include your income sources, your investments, monthly expenses, insurance policies and so on. It will be even better if you have complete details of each. Jolt down all the interest paid and the EMIs, in case if you have borrowed any loans, on each. This is one important step towards your financial well being because if you are do not know your present financial situation, planning for future will not make any sense.

4. Try to save and grow your Emergency funds

Oh no! My car requires a pricey repair or Not again! My house roofs are leaking, Doctor told me to have a costly medical test.  All such situations can arise in any one’s life unexpectedly. Are you ready for such unexpected situations? If yes then well and good but if no then you must always set aside some funds as an emergency saving and use it during the time of need. But often it is found that, most people put these emergency expenses on a credit card. So, to avoid much debt burden, start saving funds for such emergency situations from today. Remember borrowing is not always good.

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