Never miss a story

Get subscribed to our newsletter


×
How will 2019 budget look like Pixabay

Are you someone that likes living life on the edge, from salary to salary, buying something as and when you set eyes on it, without worrying about your savings, and a “dekha jayega” attitude? That may seem cool — but it’s also a short cut to financial disaster.

Walnut App CEO and Co-Founder Patanjali Somayaji lists five ways to ensure you don’t go broke. Ever.


Download a money management app to track your expenses

If you have never been the type to track your expenses, now is a good time to start. You can download an app that tracks your spends and set a budget, keep a watch on your upcoming credit card and utility bill payments, as well as see how much you owe or have to get from others. This is the first step to getting your finances streamlined.

Make a plan and set goals for yourself

Set short-term (a few months ahead) and long-term (a year and beyond) goals. It could be anything from taking up a new hobby like learning the guitar, to buying a new phone/laptop/camera, getting married, buying a new house or being debt-free by a certain date, and so on. Based on the plan, break it down into quarterly and monthly goals so you know how much to save, how much is safe to spend and so on. Having a plan will give you an overview and much better control of your finances.


representational image, pixabay

Set up an emergency fund

Once you’re tracking your spends and have set goals, you know how much money you need to allocate to each of them. You would also get an estimate of your spending pattern and expenses for each month. Based on this, have an emergency fund in place that will take care of at least 6-8 months’ worth of living expenses so that in case of a mishap or a loss of job, you don’t go broke, and have something to fall back on. You can set it up so that a certain percentage of your salary/income each month is automatically transferred to this fund. It could be in a different bank account, a fixed deposit, or even a liquid fund — and most importantly, it should be accessible easily and quickly when needed urgently.

Set limits for your spend categories

Take a look at your spends in greater detail to understand where the money goes each month. Assign limits to each of these categories for the month and see how you’re doing at the end of the month. This will give you an idea of your lifestyle and if you’re spending more than you earn, as well as where you can cut down on unnecessary spends.

Stay debt-free

Credit cards can be extremely useful — for regular spends as well as during emergencies, and over time, with a good payment history, can boost your credit score too. However, if you’re the type of person who cannot pay off credit card bills in full each month or who just pays the minimum amount due, stick to using your debit card or cash, or even a Line of Credit, which has a lower interest rate. Revolving credit on a credit card can be dangerous for your finances, and it can take you several years to repay the entire outstanding amount.

Also Read: Day or Night – Which is the Right Time to Study?

There will always be changes in situations, your current needs and requirements as well as your cash flow, so every 3-6 months, you should re-look at your plan and goals, and modify as needed to stay on top of your finances. (IANS)


Popular

IANS

In all the wedding excitement, it's easy to overlook the impact a wedding has on the environment.

By Prerana Agarwal Saxena

In all the wedding excitement, it's easy to overlook the impact a wedding has on the environment. While everyone is making their big fat Indian wedding dreams come true, they are also adding their carbon footprint and undue energy consumption. Modern couples are now looking for ways to have a wedding with a sustainably conscious mindset. It's become about incorporating less waste, locally sourced and seasonal food, natural materials over the use of plastic. Mindful wedding planning and decor includes the use of recycled paper and goods along with eco-friendly venue needs. Check out this quick guide to achieve a sustainably conscious wedding without compromising on luxury:

Choose locally sourced material to uplift artisans
Sustainable can be luxurious too, incorporate some native flavour into the decor and theme. With the use of locally sourced materials and local artisans coming into play, the wedding instantly becomes sustainable. Include the work of local vendors ensure minimal packaging requirements, thus saving on unnecessary plastic and lamination. It also decreases the need for transporting elements from other cities and hence lowers the carbon footprint. For instance, at one of our weddings, we made use of sand art for a setup in Jodhpur. This helped promote local work while also being environmentally friendly with zero wastage of other materials. In another instance from Rajasthan, the traditional glass-blown technique was used to build decor items while giving a cultural touch to the destination wedding.

sustainable sand art Sustainable can be luxurious too, incorporate some native flavour into the decor and theme. | Photo by Jason Coudriet on Unsplash

Keep Reading Show less
Photo by Hakan Nural on Unsplash

The vaccination was administered from 7 a.m. till 7 p.m. and the compiled data was made available late at night.

The Tamil Nadu health department has administered 16,43,879 lakh doses of vaccine in the second mega vaccination camp organised by it. The state public health department in a statement on Sunday said that this has taken the total vaccination to one crore since the beginning of September till date. The vaccination was administered from 7 a.m. till 7 p.m. and the compiled data was made available late at night.

The health department officials also said that as the state has almost exhausted its quota of vaccines, there would not be any vaccines on Monday. Regular vaccination will resume after the vaccine supplies arrive from New Delhi, officials said. The state health department had expected to vaccinate 15 lakh people on Sunday in 18,824 centres spread across primary health centres, anganwadis, noon meal centres, government hospitals, schools and some auditoriums.

person in white long sleeve shirt holding gray pen The health department officials also said that as the state has almost exhausted its quota of vaccines, there would not be any vaccines on Monday. | Photo by Mat Napo on Unsplash

Keep Reading Show less
IANS

Hanisha Kapoor, COO, ArchiesBeauty.com shares makeup trends experimented by these Bollywood divas throughout 2021 for inspiration.

Festivals are just around the corner and while you brainstorm about OOTDs (outfit of the day), don't forget the right makeup. Hanisha Kapoor, COO, ArchiesBeauty.com shares makeup trends experimented by these Bollywood divas throughout 2021 for inspiration. While some stuck to the classics, others mixed it up... take a look:

The Classic Red Lip
We don't see a future where classic red lips go out of fashion. The right way to achieve this celebrity look is to focus on accentuating your lips and keeping the rest of the face minimal. Give your lips a good scrub to plump them, moisturize and follow it up with a red lip liner to define the shape of your lips. Now go on with the perfect shade of red and finish your look with a slick of eyeliner, minimal concealer, and foundation.

Keep reading... Show less