Financial Fitness: Training for Your Money Matters
Table of Content
Athletes achieve fitness through disciplined training. They are committed to the game. They train for hours, practice, and are open to learning. This works for them in the long run, and you witness this when they have to exude calmness in the eye of the storm.
This approach can also help you achieve financial fitness and make your money work for you. So how do you do that? Consider using HDFC Life's financial planning tools and calculators, where you can understand, build and follow a disciplined approach to ensure you grow your corpus while safeguarding your money.
Start Small
The idea is to start with something that is achievable. A fast bowler doesn't reach 100 mph bowling speed on day 1. How do you do that? You start small and eventually build your stamina to reach the finish line.
This aspect is also applicable when it comes to building a corpus. You will need to know about your income, expenditure, and spending habits before you become financially fit. This is when budgeting comes into play.
To create a budget, know your active and passive income. From the total income, subtract your fixed expenses and savings and investments.
You can use online budgeting tools to make it simple for you. If you need to know how to save on your taxes, you can check HDFC Life's Income Tax Calculator. This online tax calculator allows you to understand your tax liability when you input your income and investment details.
Goal-Based Approach
Goals are what you want to achieve in life. An athlete's goal is to be the best in their field. While they are training for it, any event can lead them to change their course in life.
For the family's breadwinner, goals can change at any point in life. It can be creating a financial nest for your family after your passing, planning your child's higher education or creating a retirement corpus.
As a parent you will always want the best for your child. So, when you start planning for your child's future, consider using HDFC Life Child Education Calculator and HDFC Life Marriage Calculator. Both of these will give you a fair understand of expenses and how you can go about planning for these financial goals.
This can be done by investing in the right instruments. However, before choosing a plan, define the goal and the amount you wish to invest.
Prepare for the unknown.
Accidents on the playing field are a known phenomenon. Athletes cannot predict it. What they can do is try their best to avoid it and try to be prepared for the unknown. If it does occur, they will have to heal themselves to find a way to return.
Emergency expenses can occur without any notice or prediction. While you cannot be prepared for it, you can still create a corpus. Covering expenses during your retirement years can be difficult.
A term insurance plan is a safety net that helps protect your family in case of an unfortunate event. This is why it is important to understand the right amount of term insurance you need that suits your needs while providing financial security for your family. Before choosing a plan, use a term insurance calculator. This will give you a fairly good idea of how much money you will invest as a premium zero down on the plan itself.
Conclusion
It takes years of training and discipline to be fit. This is also applicable to your financial fitness. Alter your goals, if needed and look into diversifying your portfolio so that one economic event does not cause heavy losses. Use financial tools and resources to educate yourself. Only a self-disciplined approach can help you reach your financial goal.
Related Articles:
- Should Wealth Creation Be the Most Important Goal of Investing?
- 5 Signs That Prove You’re Financially Stable
- Monthly Saving Made Simple: How Much Should You Save?
- Importance of Savings & Investments
- The Balancing Act of Spending & Saving
ARN: ED/11/23/6266
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