As New Year is just around the corner, it is an excellent time to contemplate on your goals and ambitions for the coming year. In fact, this is also a great time to set some financial goals. We may all have dreams of buying a home, a car or just building a good financial portfolio. In order to make these dreams come true, it is important to start working on them as soon as possible. So, even if you take small steps towards your dream, take them anyway. In this article, we will tell you why it is important to have financial goals, what goals you can set and how you can achieve these goals.
The following are the list of goals you should be setting for yourself this New Year:
“Firstly, set a Budget”
Before doing other things, the first healthy financial habit to cultivate is setting a monthly budget. Remember, there are people out there who earn a hefty pay cheque but end up broke by the end of the month because they do not have a good budget in place. To make it easier to manage and keep track of your financial information, use a personal finance app. Use the BankBazaar app to keep a track of your finances and take control of your money. The personal finance feature on this app lets you keep your financial information up to date and track expenses through SMS.
“Get a Finance Management App”
What’s better than managing your finances and applying for financial products at the click of a button on your smartphone? Apps like the BankBazaar app let you compare various financial products offered by different banks, read the latest financial news, get financial tips, compare and apply for credit cards, fixed deposits, loans, etc.
Here is What you can do with the BankBazaar App:
- Check if you are eligible for a loan or credit card
- Compare fixed deposit rates and apply for the best paying fixed deposits
- Compare and apply for loans and credit cards
- Manage your finances with the personal finance feature – Track your bank balance and get regular alerts on your credit card EMIs and bill payments.
- Use an EMI calculator to calculate all your complicated loan EMI calculations
- Get access to Finance 101 tips and read all the latest financial news and developments
- Get your credit score report for FREE!
- Get quotes and find the best interest rates for financial products
- Get alerts on daily gold rates, petrol and diesel prices
- Find IFSC codes of all the leading banks
- Track your application status
- Get special deals and discounts
After you make a budget, the next step is to start making investments or in order, words, start saving. Savings is the most important factor to achieve financial success in the long run. Financial experts advise that you should try to save at least 20% of your income every month. And, remember, this does not include retirement contributions! So put aside some money in a fixed depositor a Systematic Investment Plan(SIP). To increase your savings every month, cut down on eating out, find a way to save on your utility bills and also try to reduce your monthly grocery bill.
“Make the right Investments”
Once you have a certain savings pool, the next step is to start making the ‘right’ investments. The investment allows your money to make money for you! You can use the BankBazaar app to find the right financial product that best suits your needs. For example, if you want to invest in a fixed deposit, use the app to know about the best FD rates offered by banks.
“Maintain a good Credit Score”
It is very important to have a good credit score because this is what determines your loan eligibility. So, keep a watch on your credit score. You can also use the BankBazaar app to check your credit score for free anytime and from anywhere.
Use the BankBazaar app to find the right financial product at the click of a button. This app is a one-stop solution for all your financial needs! – DOWNLOAD NOW!
An Article Written by: Narendra Pratap