Financial Freedom: If you want financial freedom, then follow these five ways, use credit cards wisely

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The whole country is celebrating the 75th anniversary of Independence Day on 15 August. Independence day is special for every countryman. But, freedom does not just mean speaking, eating, moving etc. but also being financially independent.

Financial freedom means those financial decisions, so that you can fulfill all your responsibilities on time without any hassle. You can live your life comfortably even after retirement. Here are five ways you can adopt for financial freedom.

save and invest
Keep an eye on your expenses wisely. Save where you can, only then you will be able to save more money. Invest from the remaining amount, so that your earning will increase at the rate of compound interest. The focus should be on saving 25-30 per cent of your monthly salary.

use credit cards wisely
If you have a credit card, then use it wisely. Do not spend more than 30% of the total limit. Pay your credit card dues on time every month to keep your credit score good.

get necessary insurance
The importance of insurance has increased tremendously during the pandemic. In such a situation, every person must take term and health insurance. Term insurance will help your family financially in case of your untimely demise. Health insurance will provide relief from the burden of medical expenses. Its coverage should be at least 50% of the annual income.

avoid taking loans
As far as possible, taking loans should be avoided. Take only as much loan as you need, which can be repaid in less time. With this you will not have to pay more interest. Be careful while taking a loan: Before taking a loan, definitely know about the loan plans of many financial companies and banks. Then from where you are taking the loan, also check that it is not taking any hidden charges from you.

Emphasize on smart savings, make a list of expenses
Emphasize on saving smartly for financial freedom. Try to save up to three-six times the monthly salary. Apart from this, make a list and spend the necessary expenses only. -Adil Shetty CEO, BankBazaar

Expansion

The whole country is celebrating the 75th anniversary of Independence Day on 15 August. Independence day is special for every countryman. But, freedom does not just mean speaking, eating, moving etc. but also being financially independent.

Financial freedom means those financial decisions, so that you can fulfill all your responsibilities on time without any hassle. You can live your life comfortably even after retirement. Here are five ways you can adopt for financial freedom.

save and invest

Keep an eye on your expenses wisely. Save where you can, only then you will be able to save more money. Invest from the remaining amount, so that your earning will increase at the rate of compound interest. The focus should be on saving 25-30 per cent of your monthly salary.

use credit cards wisely

If you have a credit card, then use it wisely. Do not spend more than 30% of the total limit. Pay your credit card dues on time every month to keep your credit score good.

get necessary insurance

The importance of insurance has increased tremendously during the pandemic. In such a situation, every person must take term and health insurance. Term insurance will help your family financially in case of your untimely demise. Health insurance will provide relief from the burden of medical expenses. Its coverage should be at least 50% of the annual income.

avoid taking loans

As far as possible, taking loans should be avoided. Take only as much loan as you need, which can be repaid in less time. With this you will not have to pay more interest. Be careful while taking a loan: Before taking a loan, definitely know about the loan plans of many financial companies and banks. Then from where you are taking the loan, also check that it is not taking any hidden charges from you.

Emphasize on smart savings, make a list of expenses

Emphasize on saving smartly for financial freedom. Try to save up to three-six times the monthly salary. Apart from this, make a list and spend the necessary expenses only. -Adil Shetty CEO, BankBazaar

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