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HOW YOUNG GENERATION CAN LIVE A BETTER FINANCIAL LIFE?



However, nobody born with money management skills but learns it over time with mistakes they commit and opportunities they get. It is really unfortunate that personal finance is not a subject in academic period which lead the young generation in a lack of financial education and leave them clueless about their financial health, loans, debts and investments. Therefore, it becomes important to learn financial lessons to earn a better livelihood.

It is utmost thing for young generation to be aware of skills and learn financial knowledge from wherever it’s possible. In this blog post, we have mentioned some of the financial tips which can help the youngsters to live a better financial future:

  • Self-Control: Sooner you learn the art of self-control, the sooner you’ll find your finances in a better position. Try to learn your needs as you can effortlessly buy an item with your salary or savings because your affordability didn’t affect your requirements. Therefore, analyze the things you really want because it’s better to be financially safe than sorry. Ask yourself before purchasing something that is it worth having because savings at early age helps you to lead a better life at retirement age.
  • Keep a track: To perform better, one should keep the records of their expenses because here you can figure out the scope of savings and planning a robust budget. Have an overview of your monthly expenses and make small and manageable changes in your expenses which in turn have a great impact on your financial health. As low as possible will be your monthly expenditure helps you saving in big bucks over time.
  • Emergency funds: Most of the youngsters believe that 20s are made for enjoyment, entertainment, free of liabilities and let go of the saving part. However, there is no right age to start savings because if you start early, you will end up gathering more wealth in the retirement age. Hence, fix a part of your monthly income either 20 or 30% to save an emergency fund or one can also invest in some saving or pension schemes for good returns.
  • Be a debt free: Debts can be in the form of outstanding credit card bills, late EMIs of home loans or personal loans or any other type of borrowing. Although you "Apply For Loan" to fulfill your specific need but if you don’t manage your loan properly, it can accumulate debt on you which can be a serious threat to your financial health. To avoid such situations, do the timely payments and manage your finances well.
  • Plan your financial goals: If you don’t have any short or long term financial goals, you are flying blindly even though you have planned any budget or started savings. One needs a proper planning before executing any financial plan and for that you have to set a defined financial goal.

At the last, following the above mentioned financial tips, the youngsters will surely be benefitted and have good impact on their financial health and learn to manage their finances well.


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