5 best steps for personal financial planning

 Learn Personal Financial planning |tips| Money makes money. 

Money makes money

Its obvious that you spend a lot of time thinking about your work and business's financial growth. But, do you devote the same attention to your personal finance?

We know its important to save money for our budgeting or future needs. Unfortunately due to no control on your personal finance your money gets drained up and you are left with nothing in your hand.

Let me tell you one thing "money makes money", Its like a magnet that would attract the other. You just need to know how and where to spend it.but first start saving it you can start by removing 20% of your monthly income a side. That is the actual amount you need to save.

Example of financial planning

Lets assume daisy earns 4100$ per month now around 50% of her income should go towards household expenses that is 2050$, 30%  towards spending on other stuff like travel, outing and food which is 1230$. And 20% towards savings which is 820$. So that way she can save 9840$ yearly.

This will definitely require a strict adherence. Now when you know how , the next thing is simple as those are your savings you are not going to use it at that point of time. So its better you put that money into work. Let it grow by investing it somewhere .

Where can you invest saving money?

There are many way to invest  you may invest them in stocks, government bonds, mutual funds, bank Fd's . There are real estate investment, which can be one of the best high-yield, long-term investments you can make. Its important to invest according your risk tolerance and avoid emotional based investment decisions.

There are many company that will offer you double returns and other schemes , make sure they are not fraud . Always collect a good amount of information before making any decision. Safety comes first, if you find  this information useful leave a comment below let us know. Subscribe to our blog in that way you will know when we post something new. There are even a couple of blogs related to how to open a Demat account, budgeting etc.

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R P Vani

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