The 5 financial tips for the 3rd week of October are given below:
Tip no 1 - Understand the importance of money in order to stay away from debt.
Money helps you buy bread and butter. It helps you to have food, cloth, shelter and other things. People say that money can buy every possible thing on this planet. If you have money and can manage it properly, then you can lead a good financial life. However, if you don't have money or mismanage it, then you'll have to face the debt monster and fight with it.
Understand the importance of money and spend it cautiously. Make sure you spend money only on the necessities. Pay all your bills on time and refrain from taking out a loan which you can’t afford to pay.
Tip no 2 – It is not necessary to have common financial goals in a marital relation, but both should work together to achieve them.
You and your husband are 2 different individuals with different tastes, likings, dislikings, etc. Both of you think differently and look at the world at a different perspective. So, it is quite natural that you and your spouse will not have common financial goals in life. You may want to have your own boutique one day. Your husband may want to purchase a mansion after 20 years or so.
Both you and your husband should work hard for achieving your respective financial goals. Sit together and develop a strategy to reach your financial goals. Talk about the ways in which both of you can achieve your financial goals within a specific period of time.
Tip no 3 - Making payments on time can save you from a major financial crisis.
Paying bills within the due date can help you avoid getting into a major financial crisis. If you miss your payment, then it may jeopardize your credit life. For example, if you don't pay your credit card bills on time, then the creditors will impose late fees and penalties on the cards. The bill amount will keep on increasing with every month. Other than that, creditors will inform the credit bureaus about it. Negative items will appear on your credit report and your score will get hurt.
Tip no 4 - Know where your money goes.
You may know the exact amount you earn every month. However, do you know the exact amount you spend each month? Can you point out the areas where you spend every month? If not, then get to know about it for the sake of your financial health.
Note down your total income and expenses in a given month. Whenever you spend money, note it down in a paper or your cell phone. Keep on a daily tab on your expenses. Calculate the total amount you have spent at the end of month. This way you can check whether or not your expenses are more than your income.
Tip no 5 - Maintain your health in order to save money.
Health is wealth. If you want to live on this earth heartily, then maintain a good health. This will prevent you from getting sick time and again. If you don't maintain a good lifestyle, then your immune system will lose the ability to fight with bacteria and other germs. Illness will be a regular occurrence. You will have to visit doctor and go through various medical treatments, which are quite costly. This implies that you have to spend a good amount on medical treatments every month. The health insurance companies will also hike the premium if they find out that you tend to get sick frequently.