In our world of instant gratification, where we may even sell-out selfies to make purchases, it’s more necessary than ever before to be able to stay focused on saving money any way we can. But unfortunately, personal finance has not yet become a required subject in high school or college, so we are fairly clueless about how to manage our money when we are out in the real world for the first time. So to help you get started, we’ll take a look at five of the most important things to understand about money if we want to live a comfortable and prosperous life:
1.Liquid Funds : Liquid Funds are those that can be encashed without going through a complex selling process. These risk free deposits can be encashed within hours and give much higher returns than simple savings.
2.Keep a Check on Your Expenses : If you are not aware of the amount you spend on your living per month you will not know how much you need to save up for a financial crisis. So prepare your budget and cut out those extra expenses that are a total waste. Save this little money and at the end of the year you will be amazed at the amount you have saved yourself.
3. Be Punctual with your Payments : Pay for your credit cards, electricity bills, fees and any other bills and fees on time to avoid the extra charges that are usually incurred as late fee or after due date penalty if you do not pay on or before time.
4. Take Good care of your gadgets : Technology has made things a lot easier and handy but added a good amount to our monthly expenses. But if we handle our gadgets without any wear and tear and get them serviced every year, we can save those pennies that we usually spend on repairs or the buying of new devices.
5.Earn Extra Cash : Look for ways to earn extra cash either by working as a freelancer or working on a part time assignments in your holidays. You can even look for part time jobs where you can invest your free hours and get good interest out of them. 🙂
