5 Ways To Gain Freedom From Financial Worries

Akshay Mehrotra

Pune, 13 August 2021: Financial freedom must be a goal for many people. It generally means having enough savings, investments, and cash on hand so that one can afford a better lifestyle for themselves and their family. But increasing dept, medical emergencies, wasteful expenditure, or other issues become thwart in reaching financial goals. To be financially independent, one should start maximizing your investment with proper planning and rationalizing your expenditure. Through this, you can achieve freedom slowly but surely through a series of prudent moves.

Let’s look at five very important ways that can help you navigate your path to financial freedom:

Pen down your goals: Financial goal is achieving a big vision you have for your life and you can achieve it when you have financial capacity to make them happen. Having a capacity means creating a roadmap of things that you have to achieve in your life. The more specific your goals, the higher the likelihood of achieving them. Hence, we are in a digital age so you can apply for EarlySalary digital salary card. It is a prepaid instrument that lets you enjoy dynamic spending limits, flexible tenure options, and transact on EMIs on any website across shopping, travel, wellness, education categories.

Start fixed deposit: For saving money, you can create a separate account and start sending a particular amount of money from your monthly income as savings. You can also enroll yourself in an employer’s retirement plan and make full use of any matching contribution benefits. It will be helpful for an emergency fund, which can be used for unexpected expenses.

Watch your credit scores: It is essential to have a healthy credit score and building one can often be challenging for people already in debt. Using personal loans to build a credit score might sound a bit counter-intuitive, but it is one of the best ways to improve your credit history. If you have a good credit score, it will be helpful in buying a new car and refinancing a home. It is very important to keep your eye on credit reports on a regular interval so that there should be no black marks that can ruin your good name. You can look into EarlySalary, one of the best digital lending platforms for personal loans in India.

Create an emergency fund or backup fund: Looking at the current scenario, most of us have money woes due to pandemic throwing our lives totally out of gear. There is an urgent need for us to take a hard relook at our financial health. Rising uncertainties, job losses, pay cuts, health worries and other reasons have left us extremely worried about our future. That’s why it is important to have 3-6 months’ worth of living expenses as an emergency fund. For the emergency need, digital lending app like EarlySalary can provide you with instant medical loan facilities without any complex procedures.

Buy Now and Pay at your convenience: Ultimately, things that help you live a more fulfilled life will be the experience you have from your challenges, and for a good experience, you must be more patient and consistent. Or you can get a good experience with new financial innovations like Buy Now Pay Later, which offers simple ways to pay for online purchases in multiple installments. It is rapidly increasing and becoming the fastest-growing payment instrument globally. Digital lending apps like EarlySalary have tie-ups with e-commerce companies and provide a discount and hassle-free EMI option to their costumer.

Financial freedom will help you to take ownership of your finance and, more importantly, your life. It is very important that you should spend money on the things you really need like food, shelter, and even vacations. Unfortunately, with a digital, globalized economy, it’s too easy for anyone to get distracted and mismanage their finance. But if you go through EarlySalary’s Credit Suite, which provides a one-stop credit solution to serve all credit requirements of a salaried individual. Their aim is to help millions of people lead a better life who wants to achieve their financial freedom, wants an upgrade to their lifestyles, and to meet any emergency needs.

Akshay Mehrotra, Co-founder and CEO of EarlySalary