Feb 15, 2023
By: Anagh PalReserve Bank of India (RBI) has been conducting Financial Literacy Week (FLW) every year since 2016 from February 13-17 to propagate financial education messages on a relevant theme. The theme this year is - “Good Financial Behaviour - Your Saviour”. Here are 10 good financial behaviours you should follow!
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Have a budget in place to get a grip on your income and expenses to control your spending, understand your expenses and save more money.
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Use an excel sheet or personal finance apps to track your spending so that you have an idea where your hard-earned money is going
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Build an emergency fund of at least 6 months of your monthly expenses to help you tide over situations like a job loss.
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If you spend and then save, you may end up saving less, or nothing. So, first save and invest your income and then spend it.
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Loans are easy to get nowadays, but you need to pay them back. So borrow only when you truly need something and try not to make impulse purchases.
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Credit card dues and personal loans have a very high rate of interest up to 45 percent. Pay these loans off first to avoid landing in a debt trap.
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Missing payments like EMIs and insurance premiums can lead to late fees and penalties. Set alerts on your phone so that you never miss another payment.
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Not paying credit card dues on time or paying the minimum balance can land you in a debt trap. Always pay credit card dues in full before the due date.
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Even before you invest you should get adequate health and life insurance so that your risks are covered.
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Set future goals like buying a house, children’s education and retirement and figure out how much money you need for each so that you can plan for them.
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