RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

5 Signs That Prove You’re Financially Stable

down-arrow
5 Signs That Prove You’re Financially Stable
November 16, 2023

Table of Content

 

Insurance plans with additional riders for critical illnesses and disability can provide an excellent safety net for one's future. We tell you why every person who relies on a pay cheque should consider opting for this coverage.

Today, tracking health stats to monitor one's overall physical condition has become a routine for many people. How often have you stepped on the weighing scale, counted calories via some app, or used activity trackers to keep a tab on the number of steps you've taken per day? But just as you monitor your overall physical condition to make sure your health is on the up, you should also do the same for your financial well-being.

Here, we've listed 5 vital signs that can help gauge your financial health. If you answer "no" to more than a couple of them, it's time to take a step back, reassess your financial circumstances, and take action to turn the tide.

#Sign 1 - You have little or no debt

Credit cards and other loans can put what you want within your financial reach. But repayments can stretch your monthly budget beyond a comfortable limit. Reducing or eliminating that debt altogether can free up money which you can then use for emergencies, investments or home improvements.

#Sign 2 - You can pay for monthly expenses with just your or your spouse's income

Are you married, and are both you and your spouse are earning? You're in excellent financial shape if you can cover fixed monthly expenses like utility bills with just your or your spouse's income. The second income can be used for savings or discretionary expenses, like eating out and vacations.

#Sign 3 - You pay your bills on time

Do you prefer to be ahead of your finances rather than behind? You're in a healthy financial situation if you always have enough money to pay your bills on time. This also means that you won't lose sleep over your finances. Why? Because when you go to bed every night, you will know that all your bills are paid and there's money left over for other monthly expenses, and all's right with your world.

#Sign 4 - You have an adequate emergency fund

When life throws nasty financial surprises such as a major auto repair or job loss your way, a sufficient emergency fund (around six months' worth of expenses) or insurance can help you tide over the crisis. Otherwise, you may end up borrowing to cover the tab. This can throw you into a cycle of debt and financial insecurity, making it difficult for you to save.

#Sign 5 - Your net worth is growing year after year

Your net worth is seeing fairly consistent growth every year. This should be as a result of growth driven by a combination of your savings, regular contributions to your investment portfolio and good investment returns.

Haven't gotten around to achieving a financially stable life yet? No worries. You can improve your health on the money front with some smart financial planning. An important component of financial planning is insurance, which can help you get on track with achieving specific financial goals. For example, a unit-linked insurance plan (ULIP) with its market-linked returns can be a solution for wealth creation over the long term. Term plans, on the other hand, offer greater scope for life coverage since they secure your family and finances in case of your early death. Health insurance is as critical as a term plan and can financially cover you and your family during a medical emergency.

Financial planning through insurance has never been easier thanks to companies like HDFC Life. Whether you want to build a retirement corpus, invest for wealth creation or get life coverage, HDFC Life offers insurance plans for a variety of needs.

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How Rising Interest Rates Impact Your Investments—and What You Should Do About It

How rising interest rates impact your investments and ways to adapt. Stay informed to make smarter financial decisions and protect your financial future.

Preserving Your Investment: How New Tax Rules Affect Real Estate Sales Before 2024

Financial Freedom for Women Entrepreneurs: Unlocking Success with the 50-30-20 Strategy

Baby Steps to a Secure Future: Financial Planning and Wealth Management

Essential financial planning and wealth management strategies for families. Secure your future and confidently navigate parenthood with these key insights.

Baby Steps to a Secure Future: Financial Planning and Wealth Management
Guaranteed Savings Plan - The New Investment Channel Previous
Building a Family Investment Portfolio with ULIPs Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches