5 ways to balance savings and expenses:
We are often confused as to how should we enjoy the present, yet ensure safety for the future. And believe me, it's a tough battle, day in and day out.
However saving for future is a must, but so is living life.
So here are 5 steps you can follow to balance out your life:
1] Goal setting: Define your goals to achieve both in the short term and long term.
2] Goal-centric investments: Keep dedicated investment for a specific goal so that no misuse or diversion of funds happens for other goals.
3] Priority to various savings: Regular savings should be given priority and try to postpone spending as it can be delayed if not urgent.
4] Liquidity for the financial crisis: Emergency and short-term goals investment to be kept liquid and balanced for the long term in little high-risk return assets.
5] Allocating for asset class: Minimum of 30% of income must be saved and channelled into the investment asset class.
Cheers!
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