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- Financial Planning: Divide Your Salary INTO 3 Parts Using The 50 20 20 Rule
New Delhi21 minutes ago
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The new financial year can be a good opportunity to create financial strategies and implement it. So that we can make maximum use of our money and the financial journey continues smoothly without any obstruction.
Here we will discuss such easy financial rules that can lead to a safe financial future. You can help you manage your money wisely. Remember, these are the guides but their use may vary for every person according to the situation.
1. Salary Varia 50–30-20 is one of the easiest budgeting rules. In this, the tech home salary is divided into three parts. 50% of your income should be spent on basic needs. 30% amount should be put on your hobby and 20% in savings and investment.
2. Savings Nivesh: First Week Rules Save 20% of Income These rules suggest saving 20% of their income and investing in the first week of the month itself. Apart from this, wait a week before any new purchase. If you feel the need for a week even after a week, then only move forward.
3. Emergency Fund: Make 6 times the monthly income emergency fund Emergency funds must be at least six times the monthly expenditure to deal with the emergency. If the monthly expenditure is Rs 50,000, keep Rs 3 lakh in the bank account. This keeps the amount invested for financial goals safe even in emergency.
4. Finance Control: 40% EMI Rules Keep Financial Control The total EMI you repaid for the debt you take (home, car or personal loan, credit card) should not exceed 40% of your tech home salary. Tech Home Salary Rs 1 lakh EMI should be less than Rs 40,000.
5. Life Safety: Take 20 times of annual income, take a term insurance Life insurance is important for family financial security in your absence. If you earn 5 lakh rupees annually, according to the 20 times the rule, you should choose a term insurance plan with a coverage of 1 crore rupees.
6. Calculation of Money: Find out from the rule of 72 when the money will double The rate at which you are getting returns on your investment, you can participate in 72 and calculate when the money will double. According to this rule, if you get 12% interest annually, then 72/12 = 6 means according to this rule your money will double in 6 years.
7. Investment Suggestion: 100-Eye Rules Test Risk from Rules To find out how much of investment in risky property like equity, reduce your age from 100. If you are 32 years old, then 100–32 = 68. That is, 68% of the money should be invested in the stock market and 32% money in safe property like date or FD.
(Tagstotranslate) Financial planning