5 Secrets About Financial Planning That Nobody Will Tell You

Achieving financial freedom seems to be difficult, but apparently, it’s not. Financial planning is all about making a plan and sticking to it. This step requires major attention too. Following a financial plan is crucial in order to achieve financial success in life. In this article, we’ll be telling you about those 5 secrets about financial planning that nobody might tell you about:

1. Invest wisely:
   

Investing wisely is the utmost step an investor should focus on. Investors many times face loss because they didn't invest without gaining proper knowledge. People don't have any idea most of the time regarding their investment options and end up investing in the 1st option they get. It is always recommended to explore the options before selecting one.

2. Reduction in Monthly Expenses
   

This is a major step as monthly expense rise can increase your expenditures to a great level. Try to budget down your monthly expenses, not down between necessities and fancy items. In one sheet put down all the necessary expenses like your house rent, electricity bills, wifi bills, groceries, etc. then make a separate list of expenses for your lifestyle. This might include the addition of some decorative items in your house, the inclusion of new gadgets, etc. So make sure to make such a list to overcome the problem of spending more monthly.

3. Try to avoid getting a Credit Card
   

A credit card might seem like a better option to utilize whenever there is a cash crunch but is it so? You may use it to purchase something this month, but do remember that you will have to pay that amount in the coming month. Failure to pay the amount will add finance charges to your credit card, thus, you’ll end up getting yourself into a huge debt trap. Credit cardholders often are seen to pay the minimum amount, but remember that amount doesn’t create any huge difference to your outstanding bills.

4. Always make health insurance your priority

Money is not greater than health, but money is the only source to treat your health. Medical expenses, hospital bed charges, hospitalization charges, etc have increased majorly. Due to this, having health insurance is a must for any unforeseen incident. It is very important to have health insurance for all your family members. With health insurance, you will have to pay a premium amount every year for the amount of coverage you get.

5. Drive your attention towards Long-term financial goals:

Having a goal in life is very important, but working for it is more important. We all dream or have some goals, that we might not accomplish due to lack of finances or improper planning. Having a financial plan and continuing your focus towards achieving your financial goals plays a crucial role.

Long-term goals like retirement planning or say child education plan or plan to buy your own house etc. These goals are there for a longer tenure of time.

Making a meaningful impact on the lives of Indians across the globe with sound & profitable investments.   That’s the FINCART dream!