Our finances are one topic that has all of us stressing, even without wanting to. Whether you have lots of money or you are barely getting through your paycheck, we all worry about getting and losing money. Hence, we have started this new series where we will talk about how and why managing our finances is important and how we can save and invest money, in banking scenarios. So, let’s dive into it, shall we?

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The year 2020 has opened our eyes to so many aspects of our lives. The global pandemic has not just affected us physically but our social lives and financial positions have also changed. Now, it is time we accept our new reality and start adjusting to it.

Managing our finances is something that we all talk about, but very few of us have actually made it work. Getting into the habit of saving money can be difficult at first but getting into any habit becomes easier when we have the right incentive. So, let’s see what are the benefits of money management –

  1. ACHIEVING LONG TERM GOALS – We all have goals, ambitions, and dreams. Some of us want to buy a house, whereas others would be wanting to travel the world. But everything has a price, even when you decide to go the minimalistic way, you will need your finances sorted.

  2. EASY DECISION MAKING – What is decision making? It is a process of stressing, obsessing, having a long look at our priorities, and finally reaching a conclusion. Basically, it is a time-consuming process. But this time can be cut to half when you know exactly what your financial goals are.

  3. NO DEPENDENCY ON PAYCHECK – We have all heard, read, shared, and forwarded the joke about month-ends being financially stressful. But when you have a plan in place, your finances won’t vanish halfway through the month. It means you do not have to live from paycheck to paycheck.

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  4. FINANCIAL SECURITY – Food, clothes, and shelter are basic human necessities. These necessities are connected with feeling secure. In today’s world, it means having money in your pocket to pay the bills and buying what makes you happy. Many management means having a security blanket.

  5. DEVELOPING MONEY SAVING HABITS – After getting our salary what do most of us do? Firstly, we pay our bills and then there is a list of things we want or need. At the end of it, our savings account is once again down to its minimum balance. But when you start managing your money you start watching your spending habits which eventually lead to money-saving habits.

  1. SECURITY IN CRISIS – This year has made us address life’s uncertainty. You never know what can happen in the next moment. A virus is spread and you are stuck at home without a job. In such times, your money-saving habits come to the rescue and let you be stress-free about your finances.

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  2. MAKING MONEY WORK FOR YOU – It makes a huge difference in our lifestyle when we start watching our spending habits. Every penny counts while saving which eventually translates to a healthy bank account. This is the point when your money starts working for you which leads to a financially secure and healthy lifestyle.

Aren’t these reasons enough to take a look at our goals and finances?

Next week we will talk about how easily we can keep records of our finances. Until then,

May the force be with you! 🖖🏼

  • Shruti B