{"id":298,"date":"2019-12-30T09:31:07","date_gmt":"2019-12-30T09:31:07","guid":{"rendered":"https:\/\/blog.tickertape.in\/?p=298"},"modified":"2023-09-27T17:54:37","modified_gmt":"2023-09-27T12:24:37","slug":"5-fool-proof-personal-finance-hacks","status":"publish","type":"post","link":"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/","title":{"rendered":"5 Fool-proof personal finance hacks"},"content":{"rendered":"\n<p>Your financial health is in your hands and that you\u2019ve come here looking for ways to recuperate your <a href=\"https:\/\/www.tickertape.in\/blog\/can-we-have-an-sip-for-stocks\/\">personal finance<\/a> is indeed a progressive sign. For one, your personal financial health needs convalescence because you must have messed it up somehow. But, don\u2019t you worry, money does go astray at some point in life \u2014 earlier the better, then wisdom will come to you sooner \u2014 and this happens to the best of us. Only, very few strip the power off their ignorant-self and spring back up to get their personal financial health back on track.<\/p>\n\n\n\n<p>Here, we give you 5 failsafe money\nmanagement tips that will help you improve your personal finance.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/#1-Plan-your-finances-based-on-50-20-30-rule\" title=\"1.&nbsp; Plan your finances based on 50\/ 20\/ 30 rule\">1.&nbsp; Plan your finances based on 50\/ 20\/ 30 rule<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/#2-Save-first-and-spend-later\" title=\"2.&nbsp; Save first and spend\nlater\">2.&nbsp; Save first and spend\nlater<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/#3-Be-an-enviably-smart-spender\" title=\"3.&nbsp; Be an enviably smart\nspender\">3.&nbsp; Be an enviably smart\nspender<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/#4-Dont-let-debts-get-the-better-of-you\" title=\"4.&nbsp; Don\u2019t let debts get the better of you\">4.&nbsp; Don\u2019t let debts get the better of you<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tickertape.in\/blog\/5-fool-proof-personal-finance-hacks\/#5-Keep-a-watchful-eye-on-your-finances\" title=\"5.&nbsp; Keep a watchful eye\non your finances\">5.&nbsp; Keep a watchful eye\non your finances<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1-Plan-your-finances-based-on-50-20-30-rule\"><\/span><strong>1.<\/strong>&nbsp; <strong>Plan your finances based on 50\/ 20\/ 30 rule<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every Tom, Dick, and Harry earns and spends, but only a few understand\nthat budgeting is inevitable for good financial management. With some\nhands-on-experience, you will come to realise that budgeting is not too harsh a\ntool. You don\u2019t have to reproach yourself for booking that relaxing spa session\nafter a long month but, too much of self-love can harm your finances. That\u2019s\nwhen a budget comes into play. It helps you allocate your income among various\nheads like expenses, savings, and investments, and thus make the best use of\nwhat you earn.<\/p>\n\n\n\n<p><strong><em>50\/ 20\/ 30 rule<\/em><\/strong><\/p>\n\n\n\n<p>When budgeting, you can use the time-tested 50\/ 30\/ 20 rule, where you allocate 50% of your income for\nnecessities, 20% for savings, investment, and debt repayment, and the rest 30%\nfor entertainment and leisure. Feel free to shift some funds from the\n30%-section to the 20%-section, in case you want to get rid of the debt faster.<\/p>\n\n\n\n<p>Let\u2019s face it, sticking to a budget can be challenging, but once you\nmaster it (your mind essentially), you\u2019ll realise it was the best thing you\ncould have ever done to bring your personal finance back on track. As opposed\nto gone times, when you didn\u2019t have a plan and spent on anything and everything\nwithout evaluating the urgency and importance, now, with a budget in hand, you\ncan provide for necessary expenses and strike off the ones that only eat into\nyour income. Over time, you will see your savings swell and finances come on\ntrack.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2-Save-first-and-spend-later\"><\/span><strong>2.<\/strong>&nbsp; <strong>Save first and spend\nlater<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This is one of the most basic personal finance tips every human should know: the more money you have at hand, the more likely you are to spend; the lesser means you have, the less you will spend. Besides, you may also find new ways to increase your earnings, which results in higher income and extra savings. This can never be bad, would it? Getting the picture? Alright, so make amends for your long-time ignorance now by saving first and spending later.<\/p>\n\n\n\n<p>The best way to do this is to automate your savings. Set a standing\ninstruction allowing your bank to transfer a portion of your net monthly income\n(at least 10%) into your savings and investment accounts within 5 days of your\npayday. Gradually, you\u2019ll see your finances swelling and heart rejoicing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3-Be-an-enviably-smart-spender\"><\/span><strong>3.<\/strong>&nbsp; <strong>Be an enviably smart\nspender<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Every often you may find yourself on an <a href=\"https:\/\/www.tickertape.in\/blog\/buying-stocks-gets-as-convenient-as-making-online-purchases\/\">e-commerce<\/a> website devouring for\noffers and lo! Your eyes fall upon that flashy banner on top of the page\ncalling out to you ardently: The highest spender of every hour gets a chance to\nwin ABC. You prepare yourself for the race and scan the entire site for things\nyou can add to your cart. While some may be necessities, most can be\nname-sake-necessities you create just to inflate your spending and qualify for\nthe contest. \u2018Smart!\u2019, you exclaim and wait for the results. What happens then\ndepends on your luck.<\/p>\n\n\n\n<p>Are you a smart spender indeed? Hell no! When we said &#8216;Be a smart spender&#8217;, we meant doing exactly the opposite. Not falling prey to offers, especially when you don\u2019t have the financial bandwidth to do so. Also, not resorting to impulsive buying (you won\u2019t even use half the things you buy). Every rupee counts.<\/p>\n\n\n\n<p>It doesn\u2019t mean you beat yourself up and live extremely below your means. On the contrary, it means being smart about how you spend; cut down unnecessary magazine and cable subscription, when you don\u2019t have time to use it. Spending smart can also mean making a shopping list of necessities and buying them in a wholesale store or during festive offers. It can also mean embracing recycling, refurbishing, and other such concepts that can save you a few hundred to thousands. Smart; agree or nah?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4-Dont-let-debts-get-the-better-of-you\"><\/span><strong>4.<\/strong>&nbsp; <strong>Don\u2019t let debts get the better of you<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Amid increasing competition among lenders, and easy access to credit,\nborrowing has become easy. Further, rising inflation and cost of living give\nyou all the more reasons to avail credit to meet your goals like buying a car\nor a home. So, you can safely say that availing loans has become a part and\nparcel of modern life. You avail multiple loans to meet several goals because,\nof course, you can\u2019t wait forever to afford these out of your savings alone.\nWell, you availed several loans, no harm is done; all is good so far.<\/p>\n\n\n\n<p>But then, enters repayment. Top your loans with a credit card and your monthly payments may surpass your ability to repay. Undoubtedly, your income can\u2019t be a one-man-army against necessities you can\u2019t do without, expenses that don\u2019t seem to be merciful, and debt that is piling up by the day. Still, you have to keep the show running and the only way to do this by managing your debt smartly.<\/p>\n\n\n\n<p>When your monthly payments are challenging your sanity, one of the best personal finance tips is to consolidate your\ndebts into a single low-costing loan and repay all your loans using it. The\noutcomes: you close multiple loans and reduce your burden; you repay a single\nlow-costing loan and save on interest; you use the differential of past and\ncurrent monthly outgo to prepay or foreclose the existing loan to get debt-free\nsooner.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5-Keep-a-watchful-eye-on-your-finances\"><\/span><strong>5.<\/strong>&nbsp; <strong>Keep a watchful eye\non your finances<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Simply implementing the above money\nmanagement tips without monitoring the results is a waste of your time\nand efforts. Chances are it may defeat the very purpose of repairing your\npersonal finance. If you don\u2019t want to put yourself down, buckle up and spare\nsome minutes of your day to look into your progress. Measure it and improve or\ncelebrate, accordingly. Although, there is always room for improvement.<\/p>\n\n\n\n<p>There are plenty of ways to track your finances. For starters, you can use an excel sheet and then go a step ahead by installing personal finance apps that offer end-to-end financial management services while giving you full control. For more ideas on how to manage and monitor your finances, you can also read these 5 no-nonsense <a href=\"https:\/\/www.tickertape.in\/blog\/5-no-nonsense-personal-finance-books-to-read-to-safeguard-your-wealth\/\">personal finance books<\/a> that are highly acclaimed generations swear by.<\/p>\n\n\n\n<p>Folks, we understand that \u2018personal finance\u2019 can put you off \u2014 worse \u2014 scare the shit out of you. But be reassured, you are not the only one looking to improve their personal finance situation. Almost everyone goes through this phase; only, some are prompt enough to identify the urgency of saving their finances (and themselves) on time. Acknowledge that good financial health has a direct and significant bearing on your overall wellbeing. Remember the adage, what you sow today, you reap tomorrow. Act now, because there\u2019s no better time!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>5 fail-safe personal finance hacks you can swear by and use to improve your finances<\/p>\n","protected":false},"author":27,"featured_media":299,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[8,1735],"tags":[],"acf":[],"modified_by":"Vyshakh","jetpack_featured_media_url":"https:\/\/www.tickertape.in\/blog\/wp-content\/uploads\/2019\/12\/Blog-personal-finance-08.jpg?wsr","_links":{"self":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/298"}],"collection":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/comments?post=298"}],"version-history":[{"count":11,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/298\/revisions"}],"predecessor-version":[{"id":14143,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/posts\/298\/revisions\/14143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media\/299"}],"wp:attachment":[{"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/media?parent=298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/categories?post=298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tickertape.in\/blog\/wp-json\/wp\/v2\/tags?post=298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}