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    LONG TERM SAVINGS

    5 Best Ways to Take Care of Your Financial Well Being

    Last Updated On 16-09-2020

    The link between money and mental health cannot be severed. Today, money is power, and money is peace. No matter how much it is defied with loud–rising principles, financial well-being is everyone’s priority. And why shouldn’t it be? Money-centric should be frowned upon, but money-wise should be respected and emulated. The need of the hour is to be money-wise and plan your finances such that you feel safe and secure.

    Financial well-being does not only include the money in hand or bank; it is far broader than that. A person’s financial well-being is determined by his/her control over every day, as well as monthly expenditure, and also their ability to absorb a sudden financial crisis. Not just that, the progress towards financial goals and the overall freedom to make choices that contribute towards a happy life – are all determinants of financial health.

    Here are 5 best financial planning tips to take care of your monetary well-being smartly:

    1. Value money and adopt better money habits: It is important to understand the value of money and spend it wisely. And for this, you must have an accurate knowledge of your finances. So, do a small monthly exercise and list all your income and expenditure, and then assess where you stand. If your expenditure is more than income – it is a red flag, and you must take immediate steps to lower. This is possible when you adopt better money habits - such as make a note of your daily expenses, avoid loans, limit unnecessary costs, keep a good credit score, raise your net worth, and keep a hawk’s eye on bank balance, etc.
    2. Save more spend less: This advice never gets old for any era - saving is the ultimate key for aspired financial freedom. You must shrink your expenses and save more than you spend always. To say your monthly income is ₹60,000, your aim should be to save at least 20% of initially and increase this monthly, until all your expenses in total are lower than your savings. Also, compare your spending month-to-month to stay put towards the saving goal. A piece of advice here would be to always ask two questions before any purchase – Do I need it? Is it worth it? Always looks at the broader picture; however, this does not imply that you to stop living your present, but the goal is - intelligent spending.
    3. Set your financial goal: They say vision is everything, and it is so true in case of financial planning. As a responsible person, you must set your fiscal goal as early as possible; no age is the right age for this. Your financial goal could be retirement at 60, higher education funds, buy a house/car, pay off all debts, be an entrepreneur, or any other. Estimate how much you would need to save to reach your financial goal in your estimated time. It is important to check your progress timely and take the necessary steps in case of deviations.
    4. Form an emergency fund: The future is uncertain and could have you confronting such demanding situations that can make a hole in the pocket if you do not have sound financial planning. Emergencies can take a toll on the future well-being, if you do not plant young and save for uncertainties such as sudden medical expenses, loss of income, reduction in income sources, etc. It is important to set rules for your emergency fund and use it only when a situation adheres to them. And in this world of technology, you could use automatic savings/recurring transfers to help create that emergency fund. Also, always direct all your additional money to this fund instead of splurging.
    5. Make wise investments: It is important to set aside money for the future, but it is essential to understand that the money should grow and become ready for the times to come. Wealth kept idle is not a sign of a visionary individual; you need to make wiser choices and invest money in areas such as insurance - which are fruitful, help the funds grow while simultaneously provide for your future well-being. 

    Future financial health is as vital as the current. For a secured economic future, you must sow the seeds now. It is never too late to begin!

    Visit PNB MetLife to know more about Life Insurance, Term Insurance & Mera Term Plan

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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