5 answers
Mary
Student
Florida, New York
1
Question
5 answers
Ravinder Kaur
Teller
3
Answers
Woburn, Massachusetts
Updated
Ravinder’s Answer
1. Invest in yourself
Having further education, more knowledge, and required skills for work can support your career advancement. Financial knowledge is also essential for your living.
2. Make money from what you like
To earn a living with what you like is a good start, as you tend to be happier, bear with it longer, and be eager to learn more about it.
3. Set saving and expense budgets
Record your expenses regularly. Monitor your monthly spending and earning. Do not spend more than your income. Set up a goal for saving.
4. Spend wisely
Even though you earn more, it does not mean that you have to spend more, especially on unnecessary and too luxurious stuff
5. Set emergency fund
Economic uncertainty, illnesses, and accidental incidents can be happened at any time. To set an emergency fund for yourself, it is a must The amount for this fund should be around 6-12 months. Furthermore, health and accident insurance are recommended too, as it will secure your bank account when you face with expected events. You then can live at ease and do not to bother your closed ones.
6. Pay off debts
Loan for a credit card or any other kind of loan should pay quickly and stop getting charge interest on it.
7. Plan for retirement
Some may think it is too far to plan. However, the earlier you can save for retirement, the faster you can be financially free. So it id good to plan before the retirement so that when you will get retire you do not have to worry money.
Having further education, more knowledge, and required skills for work can support your career advancement. Financial knowledge is also essential for your living.
2. Make money from what you like
To earn a living with what you like is a good start, as you tend to be happier, bear with it longer, and be eager to learn more about it.
3. Set saving and expense budgets
Record your expenses regularly. Monitor your monthly spending and earning. Do not spend more than your income. Set up a goal for saving.
4. Spend wisely
Even though you earn more, it does not mean that you have to spend more, especially on unnecessary and too luxurious stuff
5. Set emergency fund
Economic uncertainty, illnesses, and accidental incidents can be happened at any time. To set an emergency fund for yourself, it is a must The amount for this fund should be around 6-12 months. Furthermore, health and accident insurance are recommended too, as it will secure your bank account when you face with expected events. You then can live at ease and do not to bother your closed ones.
6. Pay off debts
Loan for a credit card or any other kind of loan should pay quickly and stop getting charge interest on it.
7. Plan for retirement
Some may think it is too far to plan. However, the earlier you can save for retirement, the faster you can be financially free. So it id good to plan before the retirement so that when you will get retire you do not have to worry money.
Azra Dobrijevic
Branch Manager
2
Answers
Whitesboro, New York
Updated
Azra’s Answer
The best way to grow financially is to ensure you are tracking your monthly saving and monthly spending. Once you have had a chance to see how much you are spending/saving - set yourself a budget. If you see that you are spending more than you are saving - track what you spend your money on. Is it expenses that are expendable, see if you are able to cut back even $100 a month so that you can put that extra money towards your savings goals. A little bit each month can go a long way!
Prashanth A
software engineer
4
Answers
Bengaluru, Karnataka, India
Updated
Prashanth’s Answer
Keep these helpful tips in mind, and you'll see your financial growth soar:
1. Aim to invest more than you spend. This is the first step towards financial prosperity.
2. Make a habit of saving and investing in areas that pique your interest. This not only boosts your finances but also keeps you engaged.
3. Regularly monitor the growth of your investments. If they're not growing as expected, don't hesitate to switch things up.
4. Always set aside some funds for emergencies. It's a smart move that ensures you're prepared for any unexpected financial hiccups.
1. Aim to invest more than you spend. This is the first step towards financial prosperity.
2. Make a habit of saving and investing in areas that pique your interest. This not only boosts your finances but also keeps you engaged.
3. Regularly monitor the growth of your investments. If they're not growing as expected, don't hesitate to switch things up.
4. Always set aside some funds for emergencies. It's a smart move that ensures you're prepared for any unexpected financial hiccups.
Karen Cappiello
Bank Manager
3
Answers
Utica, New York
Updated
Karen’s Answer
Set a good savings goal! Tips for setting good savings goals depend on where you are in life and your current financial situation. You don't need the same goals as your siblings, friends or neighbors. Examples of savings goals include:
Building and Emergency fund, Savings up to buy a home, Paying off credit card debt, Paying off student loans, saving for your child's education, saving for retirement.
To pick a savings goal, start with what's most important to you right now. Ideally, your savings goal will strike a balance between your short-term and long-term aspirations, ensuring financial stability while considering your lifestyle.
A common rule of thumb is to aim for an emergency fund worth three to six months of living expenses. This can help you cover some of life's surprises, like a medical event or car repair. Outside of preparing for the unexpected, consider allocating funds for specific objectives like paying off debt, buying a home or retiring comfortably.
To determine a good savings goal, factor in your income, expenses and the timeline to reach your goals.
Building and Emergency fund, Savings up to buy a home, Paying off credit card debt, Paying off student loans, saving for your child's education, saving for retirement.
To pick a savings goal, start with what's most important to you right now. Ideally, your savings goal will strike a balance between your short-term and long-term aspirations, ensuring financial stability while considering your lifestyle.
A common rule of thumb is to aim for an emergency fund worth three to six months of living expenses. This can help you cover some of life's surprises, like a medical event or car repair. Outside of preparing for the unexpected, consider allocating funds for specific objectives like paying off debt, buying a home or retiring comfortably.
To determine a good savings goal, factor in your income, expenses and the timeline to reach your goals.
Anna rita Cirelli
citizens banker
1
Answer
Cranston, Rhode Island
Updated
Anna rita’s Answer
Start saving at an early age, every little bit you put aside will make a different in the future.