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Financial Commandments for Every 20-Something

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News By Rentickle

Life in your 20s is a constant rush from one thing to another. It is also the time when you get up on your feet and begin to build your own standing in the world. As exciting as this time is, it also serves as a foundation for the future. The practices you follow today will make quite a difference in the times to come. With that in mind, we have some financial tips for you that can help you start down the right path:

  • Why Buy When You Can Rent

    These days you can find a lot of things like furniture, appliances, and even water purifiers on rent in Delhi as well as in manyother cities. If you are moving into a new house, you might want to consider renting instead of buying. Especially if you’re living on lease, save yourself transportation costs and just rent.

  • Make a Budget

    It is as important to make a monthly or weekly budget as it is to stick to it. Agreeably, it will take a few tries to get it right however you need to at least start with it. Take a look at your earnings and expenses, decide which expenses are ‘needs’ and which are ‘wants’. Do keep some money aside to havefun, but know where to draw the line.

  • Buy Health Insurance

    You’re young and healthy, so you don’t need insurance right? Wrong! Even if it seems like an unnecessary expense, an insurance policy can be your safety net. After all, healthcare costs are rising by the day and you really cannot predict any mishaps or accidents.

  • Create an Emergency Fund

    You might feel that your salary just isn’t enough to justify savings, but every month, save as much as you can and put it aside for a rainy day.

  • Build Your Credit History

    A credit history is very important when it comes to taking loans and no time is too early to start building your own credit history. Maybe you don’t need a loan right now, but it’s better to be prepared for the day you do. Get a credit card, use it sparsely (no more than 30% of the limit) and pay the dues off on time every month. You will have a good credit history in no time. From getting your furniture and appliances like a water purifier on rent in Delhi, to buying insurance and setting aside a part of your salary every month, small steps can really help you reach a financially stable stage pretty soon.

P.S. Advisory blogs are good for the senses, every once in a while.

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