The new Financial year is about to start and you need to plan something relevant and feasible to manage your finances well and to achieve your financial goals. It may be possible with many of you that you might have made some financial mistakes last year which you can’t afford to repeat this year. So, here we are with some financial mantras which will help you to manage as well as to grow your finances well this financial year 2018-19.

  • A Penny Saved Is a Penny Earned

This is a very old phrase, coming since the 16th century. What this mean is what you have saved, is what you have earned at the end. Say, you earn 30k per month and you spend 25k monthly so 5k is the amount you have saved at the end of the month. So this is the actually amount you can say what you have actually earned. If you keep adding to this amount monthly you can get a bigger amount and this amount will help you to do bigger things in coming days.

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  • It Could be Better

When you are in poor financial situation many people will say that it can be worse. But you need to think in a different way. You have to think that it can be better and have to take steps to make it better. You can’t afford to go with the flow and think as others are, negative thinking is the worst thing which destroys you. You need to think positively and should take steps to get out of that situation.

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  • Pay Your Bills After Negotiation

It is always told to pay your bill on time and it is a good thing too but it is not always so. Negotiation is the right of every customer and why to pay more if you can certain minimization. So, if your bill amount is more you should first talk to your service provider and ask for negotiation. If they are ready it’s in your favour and if not so anyhow you were going to pay that full amount only. So, never let go the chance of negotiation.

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  • Say No to Credit Cards

Frankly speaking Credit Cards are a big trap. Once you see the offers you are amazed and you go for it but when you start paying the EMIs then you will realise the reality. The Interest rate charged to you for credit card use starts from 24% and goes till a maximum of 34%p.a. this amount is much more than any other loan or borrowing. So it is not suggested to use credit shopping and all. One should avoid using card until and unless no option is left. But it is not always true that credit cards are not good to use. They can help you a lot in case of emergencies. Hence it is suggested to keep only one credit card. But it is advised not to keep that in your wallet so you can’t use that on useless things.

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  • Making Budget Month Wise and Stick to it

Budget is the most important thing which helps you to manage your finance. It’s the first and the most basic steps towards improving your financial habit. A budget helps you to keep track on your expenses. Making and following your budget can help you to save more and grow your bank balance.

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  • Start Saving for Taxes from the Starting of the Year

If you start doing this from the beginning of the financial year you will be less burdened at the year end when you have to pay the taxes. Some companies deduct a particular amount from your salary itself for the taxes. If it is happening in your case it’s good thing and if not or in case when you are a self-employed individual you need to do it yourself and start contribution towards your taxes every month.

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  • Start Paying Your Debts

Debt are the biggest pitfalls which drive you back and stops you from growing financially as you need to pay certain amount as EMI every month against your borrowed amount. So, save more and try to pay your debts before the actual tenure period. By doing this you can save a lot on the interest. If you do this after paying off your loan you will be left with more money in your hand which you can utilize either on your lifestyle or you can save it for future.

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  • Verify Quality and Then Invest in it

Do research when you are making any big ticket purchases. Check for online reviews, do a test run if needed, and evaluate options available to know whether the investment piece really is worth what you are spending for it. Whether it’s a TV or some new gadget the brand name on it isn’t as important as the functionality. You’ll save money by shopping around and making wise decisions.

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Whether it was the advice that you picked up from your parents and grandparents or something which you read in a finance blog or book, blindly following anything might not give you the biggest bang for your buck. It’s always better to make up your own financial mantras according to your needs and priorities which can help you control your bank accounts. Make smart financial decisions and feel relaxed knowing that you’re doing what’s best for you and your family.