Take an adequate term insurance
The amount must be enough to meet the needs of your dependents.
For minor dependents, until they become financially independent
And for older dependents, until they die
Have appropriate health insurance for yourself and your dependents.
One of the biggest losses in finances can be the disease, of oneself or of the people we sponsor.
Foolproof your financial life by taking health insurance for the most likely illnesses beforehand
The trick here is not to go overboard, don't get scared as you get the right amount. Let justification, balance, and personalized needs guide you
Create an emergency fund
Keep 3-4 month expenses aside for any unplanned occurrences like job loss, delay in wages, undeniable needs of family members
Budget your expenses
Stick to making only critical and essential expenses
Delay shopping to feel good and boost
Avoid using credit cards as it gives a false sense of money availability.
Avoid taking loans
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Reduce your existing loans
Pay in advance with available surplus
Increase EMI whenever possible
If you have multiple loans, do the previous two for loans with the highest interest component and the highest tenure.
Keep investing regularly
Do not hesitate in your monthly investment commitments. Remember that Rome was not built in a day, and at these discount levels, the continuity of SIPs (systematic investment plans) is essential
For portfolios that have suffered a loss, wait if the targets are at least 7 years away. Don't turn your notional losses into real ones
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