Category: Finance

The Best Personal Finance Tips to Help You in 2018

Managing money is never an easy task. No matter how well versed one is in finance and in various financial instruments, when it comes to personal finance, there is always a second guessing and a bit of doubt. You are not too sure if this is what you should do right now. You have doubts about something else that might happen in the market and are not sure if you should wait or go ahead for now.

When you browse through, you will see how all you can manage your finance. Money is one thing that needs to be managed and monitored closely, to ensure there are no regrets.

Here are some personal finance tips to help you in 2018


The first and foremost step is budgeting. Sit and come up with a budget for your income on a monthly basis. Include your regular expenses, loan payments, subscriptions, etc. also, include a 10% – 20% for other expenses like gifts, unexpected guests, etc. this will ensure you are always prepared for a surprise expenditure.

Once your budget is ready, you will know how much of your income is actually spent and how much is saved. If this is not what you put in the bank or invest elsewhere as savings, you need to dig deeper to know where the money is going.


Once you know how much money is left to spare as savings, plan for it. Though it can lay idle in the bank, and earn an interest; investing it outside will earn you good returns. Look for various venues to invest in and learn about them thoroughly. Analyze and decide on which will suit you the best.

You need not invest in all them right away. Invest in each of the chosen options month after month. You can even invest in just one or two of the best options and let your money grow. After a while you can start exploring other options.

Common Mistakes People Make When Paying Off Debt

One of the biggest financial issues that people are facing in the modern time is paying off their debt. It seems that over a couple of years, there has been an increase in the overall debt rate. There can be number reasons behind increased debt rate. For instance, you had to suddenly travel out of the country, you got into an accident and are left car-less, a certain medical emergency came up or you are unable to control your spending habits. Whatever the reason is, you now have to pay the debt by the end of every month.

If you want to get rid of debt, you can create trust deed. However, there are 4 common mistakes that people make when they are clearing their debt.

Avoiding these mistakes can help you get rid of your debt rather quickly.

Using Cards when you haven’t Cleared the Previous Debt

This is not a wise thing to do. People often make this mistake assuming that they will be able to pay it gradually. This isn’t going to help at all, you need to clear old debts before adding more.

Leaving your Debt until the end of the Month

If clearing your debt is on top of your list, then you should do it the moment you get the salary. Delaying it until the end of the month is never going to help you.

Not implementing a strategy

A good strategy allows you to assess your current situation and then plan accordingly. Therefore, make sure you have an effective strategy.

Paying off the Wrong debt First

When paying off your debts, you need to prioritize them in order to pay the right debt first. Paying a debt with less interest rate first is not an effective way to go about things. A debt with higher interest rate will increase the pressure in no time.