? If you have any extra money, investing and debt repayment are both clever uses of it.

? If you can make more money from investing than you are paying in interest on your debts, investing makes sense.

? More likely than almost any investment, paying off high-interest debt will increase your money's value.

? When paying off debt, begin with the debts with the highest interest rates and work your way down.

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Check out this Forbes article on choosing the best health insurance for you:

https://www.forbes.com/advisor/in/health-insurance/how-to-choose-a-health-insurance-plan-for-your-family/

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Forbes Advisor INDIA

How To Choose A Health Insurance Plan For Your Family

If the Covid-19 pandemic reinforced something concrete, it was the need of a health insurance plan. Health insurance had always been there, but post-pandemic, the need has become more apparent. Suddenly, most people have realised its importance and the demand…

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We discussed "Need Expense" in the articles mentioned above. Calculate your Need Expense for one month and multiply it by six to get a number for six months. In this case, we are multiplying by 6, as we want the fund to last for a full six months. Similar to that, you must multiply your monthly EMI payment by six. If EMIs are included in your Need Expense, no need to take it separately. Then, include the annual premiums for your health and life insurance policies, as well as any other insurance you may have. In case, you need to renew premium in that period. Please note that emergencies should only be used when your primary source of income is interrupted, such as when you lose your job.

The ratio between the three components—Needs, Investments, and Leftovers—is not fixed. For instance, some people may invest 50% of their income, whereas others may invest only 20%. The percentage must be chosen based on your needs and objectives. You'll get better each month as you begin to budget your expenses.
_“Budgeting is similar to driving in that it improves with practice.”_

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Your monthly income has now been divided into three parts, as shown in the above image.
The needs and investment parts are simple, but the leftovers part is little challenging. The money in Leftover part will be used for wants/luxury and for expenses which occurs quarterly, semi-annually & annually.

- Wants are non-essential extras for living and working. They include OTT subscriptions, movies, dining out, and so on. These expenses are unplanned and variable.

-There are few expenses which occurs quarterly like your vehicle servicing. While some expenses are semi-annually like Gym membership, OTT subscription etc. Annual expenses include celebrating your birthdays, anniversary, insurance premiums etc. These are planned and fixed expenses, which means you know when you have to pay them.

Calculate your monthly needs and separate it from your monthly income. Needs are expenses that cannot be avoided. Expenses like rent, gas, groceries, mobile-electricity bills, EMIs, and other necessities should be covered by this portion of your budget.
Now set aside some money for investments and savings. Your monthly income must have some remaining funds; we'll call them Leftovers.

By following these four steps, you can make sure that your financial foundation is firmly rooted in the ground. Now, you can withstand the strong winds of sudden financial emergencies. Your tree of financial independence is all set to grow stronger and bigger. But hold on, aren't these just theoretical constructs? Things are much more complicated and unique for each person in real life, right? Additionally, the points are not covered in detail!
Yes, I am aware of all these issues. This post was to give the overview regarding financial stability. Every week, I am going to talk about each point separately with and answer your questions personally. So, see you all in next week!

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