4 Tips to manage your financial goals!

All of us have aspirations in life. But to fulfil those, we need careful planning of our finances. While availing a loan is the best option, however, there are several other factors that can also impact your financial capacity, which adversely impacts your loan application. BI India lists down some basic tips on how you can manage your finances better.

Maintain a healthy CIBIL TransUnion Score

Harshala Chandorkar, senior vice president, Consumer Services and Communications CIBIL, said, “Taking any kind of loan is a serious financial commitment and needs some amount of discipline. And although today banks may seem eager to lend, there are certain important things you need to consider to avoid any surprises and disappointments in the form loan rejections which ultimately hampers your financial goals.”

Basically, take care of your credit card bills, pay your EMIs on time to avoid financial disappointments in the future.

Chalk an aspirational roadmap

Plan your future well. Know what your aspirations are and your finances accordingly. For instance, if you want to go abroad for higher studies, you may want to get an idea on what your estimated expenses would be. “Chalking out a roadmap of future aspirations and the cost estimate required for fulfilling each of these aspirations is the first step towards attaining them. Once you have chalked out this roadmap you need to carefully plan your expenses and loan payments and ensure you save money for your aspirational milestones according to the roadmap,” said Chandorkar.

She added, “Consistently saving money in growth plans, fixed deposits and other safe saving instruments will ensure you will have capital required to attain your aspirational milestone at the desired stage in life.”

Cut your coat according to your pocket

You know you have some ambitious dreams to pursue. So, plan your expenses well. Do not be a spendthrift when you know you have to save up for your aspirations. You should remember how much you earn before you go shopping. Does your income allow you to go out on expensive trips when you want to buy your dream car? Keep asking yourself these questions in order to be more disciplined in your finances.

Save for the rainy day

“While diligently saving for your future aspirations, do not forget to keep aside funds for contingencies. Life is full of uncertainties and unfortunate situations or unforeseen financial losses like illnesses, natural calamities or job losses can catch you off-guard and hamper fulfilment of your aspirations. Therefore it is critical to ensure you save some money or buy insurance coverage for facing such situations confidently,” she said.