Are You Financially Fit? Let’s Figure it Out!
When was the last to last time wherein you decided to give it a HIT on your medical check-up? We really hope you don’t come under the category of daredevil where you are active only when there is an emergency. Don’t forget – Health is Wealth, so keep it amazing!
Keeping this criterion in mind, let us remind you that your financial health is important too. It is an indispensable part of your life. Whilst there are endless things that can be done for improving your physical health, like going to the gym, or exercising; similarly, there are things that can keep you financially fit too. Simplified things like making the right investments, maintaining credit score, clearing dues on time, etc. Before that, let’s figure out 10 questions to check your financial fitness. Here:
- Emergency Fund on the go: Of course, you need to have 6-12 months of emergency funds to handle unpredictable events in life. You got that right, it has to be liquid funds.
- NO Interest to Credit Cards: Credit cards charge high interest, thus, making you feel helpless. It’s fine if you are using the credit card for your needs but paying interest for the credit card is not wise financially.
- EMI is less than 30% of your take-away salary: If your income is growing and predictable, banks will be happy to give you a loan, even for EMI more than 50% of your salary takeaway. Banks make money through loans, but make sure you have enough money in your account for all your expenses and savings except paying EMIs.
- A Term Insurance: You are having term insurance only, if you are having any dependents. Any uncertain event in your life shall not affect your dependents. Although, term insurance is quite cheap, but make sure if the value of your insurance is appropriate for your requirements or not.
- Saving for your Aspirations: So, thinking about your next international vacation or want to buy a car or a fancy destination wedding. If you have an idea about your savings and have a plan, you are good to go.
- Health Insurance: No such plans to get hurt or sick, but medical care is of utmost important. Health insurance protects you from high medical costs.
- Retirement Savings: Who wants to stop working and enjoy their life? Everyone, right? Before making any decision, make sure you check your financial status.
- Automated Investments: Growing money is as crucial as making. As a human being, it’s easy for us to forget keeping money separately, or end-up spending somewhere else. But, if you are investing regularly, add this to your financial fitness.
- Minimize your Taxes: Save taxes under section 80C. So, are you leveraging them to reduce/save your taxes?
- Investing in Yourself: A very crucial mode of investment is investing in yourself. Do you allocate enough money and time for your own growth?
Takeaway: If you are 10 on 10 with the points mentioned above, you are a hero. If you are not, get in touch with Gulaq and let experts make you financially fit.
“Are you looking to invest? How about opening your account with Gulaq & start investing in Direct Mutual Funds? Get in touch.”