New Delhi
The central government will present the budget for the financial year 2022-23 in the parliament on February 1. There are only a few days left before the new budget. This budget will specify the cost of all financial transactions and plans for the coming year.
Family financial planning like government budget is very important to meet the future economic goals. Everyone should plan their economy in the same way that the government draws up a budget for all expenditures of one year. There is a detailed discussion on how to do financial planning.
Economic budget
You need more than luck to succeed in affiliate business. A budget needs to be prepared keeping in mind this monthly income-expenditure figure. Income should include all income, including monthly salary, income from house rent and return on investment. The list of expenses should include monthly expenses, loan installments, education expenses of the child and medical expenses. Based on these two budgets have to be prepared from which the expected savings can be made.
Loan repayment
Being debt free is very important for living a stress free life. According to economists, if you have a debt burden on your head, you should pay it off first and refrain from taking out new loans. Credit card bills need to be paid first when making financial plans because of the high interest rates charged on credit loans. Also, cash should always be used when shopping.
Emergency fund
There needs to be an emergency fund for future economic needs. This emergency fund should save for at least 6 months to run the household. That is, if a person's monthly expenditure is Rs. 40,000, he has to put Rs. 2,40,000. Having an emergency fund will also help meet short-term goals. This savings can be used to cover business compensation, medical expenses or emerging financial crises.
Health insurance
Health insurance must be added to the list when creating a family budget. The cost of treatment is almost skyrocketing in a rising market. Health insurance will save a lot in this situation.
Corporate correspondent
إرسال تعليق