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    LONG TERM SAVINGS

    Top 10 Simple Money Management Tips in 2020

    Last Updated On 13-08-2020

    Money management is one of the most talked-about concepts these days. As much as understanding and knowing your money is important, managing it holds equal weightage too. The year 2020 is no less than a rollercoaster ride. Yet it is a perfect scenario to learn how to manage your precious and hard-earned money. Financial management is best learned by starting from scratch and building up an estate that aligns with your financial goals.

    Here are the top 10 simple tips to help you manage your money

    1. Set goals
      The first step to take in money management is to set specific goals. You need to have some idea about how you see your financial future. Mark any major events that will require a considerable amount of money and start planning the finances for them.
    2. Create a budget
      The next step is creating a budget. A budget is the blueprint of your financial movement, both in and out. Not only that, but a budget also allows you to have a look into where your money is going and what all expenses can be avoided.
    3. Set up an emergency fund
      Among the various steps of money management, setting up an emergency fund is one of the most important. An emergency fund is a pool of money that should be present in a highly liquid state to use in emergency times.  
    4. Know your income sources
      Another crucial aspect of money management is to know and access all your sources of income. Money needs to be tapped right at the source, or you would not be able to track its outflow later.
    5. Make only the necessary expenditure
      A lot of people find themselves in a situation where nothing is left in their bank accounts by the end of the month. When they track their spending, a lot of bills are from the category where the money is spent on things that were only wanted and not needed. There is a fundamental difference between needs and wants, and they must be treated differently.
    6. Follow the 50-30-20 rule
      The 50-30-20 rule of budgeting can be a good start to managing your money. The rule divides your money into portions over a percentage of 50%, 30%, and 20%. 50% is for needs, 30% is for wants and, 20% is for savings. Given the growing lifestyle expenses, you can switch to 30% savings and, 20% wants.
    7. Track your spending
      Budgeting not only ends at making a plan that chalks out your income and expenses, but it is also about tracking where your money goes. It will help you in highlighting all the unnecessary expenditures.
    8. Unsubscribe from extra subscriptions
      Do you have a lot of subscriptions that you once enrolled for and forgotten? If yes, then you need to immediately check for the paid services. A lot of people have a DTH connection, internet connection, subscriptions of online entertainment channels all at the same time. If that is the case with you, you need to stop paying for the services you are not using. The same goes for subscriptions of gym, restaurants, retail chains, clubs, etc.
    9. Save and spend
      Do you have the habit of buying on credit? If yes, then it can impact your budget and savings considerably. Buying on your credit card should be among the last resorts, that too in case there is a need to buy a specific EMI-based commodity. In the regular run, it would be a great practice to save for your potential future expenses that are foreseeable and then spend.
    10. Save regularly
      Lastly, but most importantly, cultivate the habit of saving regularly. Do not miss on a week’s or month’s contribution to your savings portion for any reason apart from an emergency. Try to automate all your savings instalments to make sure nothing comes in your way of saving. Contribute to different heads like retirement, children, wedding, higher education, home, etc.

    Once you develop a habit of saving some money for yourself, invest that money in a suitable avenue that aligns with your financial goals. 

    To know more about term plan, term insurance, long term savings & retirement plan visit PNB MetLife website.

    Disclaimer:

    The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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