Although money cannot buy happiness, it certainly helps to reduce unhappiness!
You feel confident if your finances are in good shape. You are optimistic; things look brighter. As the Jewish proverb says, "With money in your pocket, you’re wise, you’re handsome, and you sing well too."
Here are three suggestions to improve your financial life.
- Do not ignore Government’s Savings Schemes
Take advantage of various government savings programs. The Sukanya Samriddhi Yojana, for example, is an excellent option for parents with young daughters. Or consider other schemes from the government, such as PPF, POMIS, etc. Your money is absolutely safe and as a general rule, it is safer to park your money with the government rather than non-govt. organisations if you are saving for a long horizon of 5, 10, or 15 years.
- Pay Yourself First
Draw up some rules for yourself that you can always follow. For example, save at least 10% of your monthly income BEFORE you pay for your expenses. Not after but before. This habit will require discipline from you in the beginning but it will prove to be one of the smartest things you can do.
- If It Is Too Good to Be True, It Usually Is
The world is full of people eager to take your money. Be alert and be aware! Don’t even pay attention to any savings or lending or investment schemes that sound too good. If some company (there will always be someone) is promising 12% interest or more when all the banks offer you only 7 or 8%, are you tempted to give your savings to the company offering such high returns? Don’t. Such people are adept at appearing trustworthy and making you greedy. If you fall into the trap, you end up with a bitter experience, and they end up taking your money.
Plan your finances and you can finance your plans, besides living less stressfully. Financial health plays an important role in boosting the physical, emotional, and spiritual aspects of your life. You need not become money-minded or obsessed only with money but do not neglect it either.
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