In case you have a lot of debt to shoulder, start paying off the most expensive one. The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the minimum balance.

Manage your Debt wisely

...is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises.

Financial planning

<ul><li>Create a full inventory of expenses in front of you: Categorize them into fixed and variable; urgent and non-urgent; necessities and luxury; avoidable and unavoidable.</li><li>You can create a hierarchy of needs and decide which one’s to address first. It’s all about prioritizing. </li><li>Accept that you have limited resources and unlimited wants. But you have to manage your resources. The sooner you accept this fact, the better you can control your impulses towards avoidable expenditures.</li></ul>

Try making a budget

It’s a statement wherein you can jot down your assets and liabilities.<ul><li>Pull together your bank statements and other proofs of the liabilities</li><li>List down your assets like the bank balance, all investments, home value, and value of other assets.</li><li>Take a sum of all the assets to arrive at the total value of your assets.</li><li>List down your liabilities the (car loan, home loan, credit card balances etc.)</li><li>The sum of all the liabilities will show the value of the money you owe.</li><li>When you subtract the value of liabilities from assets, you get your Net Worth. </li></ul>

Maintain a personal balance sheet

What you don’t know is that the earlier you start, the richer you retire. It happens due to the “magic of compounding”.<div>While planning for retirement, you need to clarify a few points like deciding an age at which you want to retire. Along with that estimate how much money you will need every month to meet your post-retirement expenses.</div>

Planning for Retirement

Financial planning is the process which provides you a framework for achieving your life goals in a systematic and planned way by avoiding shocks and surprises. Read on to find out the top 10 rules that help to plan your finances better.

Try making a budget

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