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How to be financially prepared in your 20s ?

  • Highlights

  • Know where you stand and identify your goals

  • Set up a budget, invest, and watch your spending

  • Borrow funds only when necessary

  • Don’t neglect insurance and planning for retirement

Twenties are usually seen as the best times of your life, when you’re experiencing new phases of your life and finding your footing in the world. However, it is also the time you learn the ropes of being financially independent. Here’s how you can prepare yourself by building your net worth without relying on anyone.

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List your financial goals and set investment targets

A big part of being financially proficient at a young age comprises drawing up a list of where you are now and where you want to be in the future. An ideal way of doing this is to list all your financial goals.
You can arrange objectives or goals on one side, and jot down the investments you need to make to achieve them on the other side. Initially,the list may look scattered,but revisiting it regularly will help you fine-tune it and give yourself a clear goal to work towards.

Be financially prudent and start budgeting and investing
To ensure that you can meet your goals, you must be able to juggle your finances. You will need to limit expenditure and budget to control the inflow and outflow of money. Also, life has a way of throwing up surprises, such as a medical emergency or a legal matter, for example. So, bear in mind that your budget must provide for such situations.
To ensure this, you must focus your attention on saving and investing wisely, through safe instruments such as fixed deposits.

Borrow if you need to and repay wisely

Keeping a close watch on your finances helps you assess your financial situation in real time and plan for funds, if need be. It is like seeing how much fuel is there in your vehicle’s tank, so you know how far you can go.
There might also be times when you will need to borrow to pay for a big-ticket expense such as buying a house. In such cases, it is wise to assess your repayment capabilities before taking on debt. As a rule, give taking aloan serious thought, and only borrow in line with your income. If at all you land in debt, learn about managing it below

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Think of necessities such as insurance and retirement:

To ensure that your financial plan is watertight, you must think of every minute detail, and this includes planning for emergencies and retirement. A death in the family, or harm to your health can severely affect your finances. So, it pays to purchase insurance to keep this from happening. As a result, you will be able to protect your net worth.

Similarly, it is important to plan your finances for the later years of your life. It is not necessary that your etire from the workforce completely, but a time may come when you can’t/don’t want to work as much as you did earlier.Retirement may seem like distant concernin your twenties, but if you don’t plan for it now, you may not be able to retire at the age that you have in mind, or with the corpus that you envision.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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