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Why and How to become Financially Responsible?

In the current world scenario, the urban youth get away without having to worry about finances till the reality hits them. The need to understand the importance of finances is crucial. Understanding finances is what prepares us for the longer run. And the sooner we begin understanding money the better it is.

So, let’s begin with ‘why it is important?’

The basic necessities of life? Home, food and shelter? Yes, we could survive with just those. But here’s the thing, it doesn’t suffice our needs or lifestyles and most importantly, it doesn’t come for free.

And what do you do to become financially free and responsible?

Here are a few tips to get you going. Follow these and you’ll be set.

1. Start saving early.

It’s easier said than done but this is something which all of us should do. Saving early gives you the best possible head start towards achieving financial security.

2. Keep an eye on your debts.

The biggest enemy of wealth accumulation is borrowing money. Of course, it’s not like you shouldn’t borrow money. Well, when you do, make sure it’s for a necessity. If you think, you’re borrowing money for something that wouldn’t have much impact on your current situation, then it could wait. In simpler words, borrow responsibly.

3. Strategize a budget.

You should know what you spend on because only then you will be able to figure out a budget. Most importantly, a budget will also help you optimize your earnings.

4. Find ways to water your savings.

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When you water a plant, you essentially nurture it and it grows. Do the same with your earnings. Start looking at investment options. There are so many options out there. From FDs, stock trading to mutual funds.

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Personal Loan Interest Rates December 2020
Fullerton India14.00% - 24.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.75% - 17.50%
IndusInd Bank11.00% - 23.00%
Kotak Bank10.99% - 20.99%
RBL17.50% - 26.00%
Standard Chartered Bank11.00% - 15.00%
Tata Capital10.99% - 19.75%
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Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 8.25%
Citibank7.13% - 8.03%
HDFC6.90% - 7.65%
ICICI Bank6.90% - 8.05%
Indiabulls Housing Finance Limited8.99%
Kotak Bank6.75% - 8.45%
LIC Housing6.90% - 7.90%
Piramal Capital & Housing Finance9.65%
PNB Housing Finance7.50% - 9.20%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital7.50% - 8.75%