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This Diwali let us try to light the lamp of financial freedom which will bring real light and happiness in your life for years to come. We at moneyexcel.com advise you to start working on at least following four personal finance essentials from this Diwali in order to step forwards towards financial freedom. This Diwali let us also illuminate the light of financial freedom to live a financially secure life for years to come.
1. Debt Reduction & Management
Nowadays, debt isn’t a dirty word. But like the earlier times it still brings unimaginable burden to the family. Debt allows people to buy items that they couldn’t have otherwise been able to afford. However sometimes repayment of unsecured debt may become a problem. In such cases debt management schemes can be employed where a third party organization assists the debtor to repay his debts by re-negotiating the interest rates with the creditors. It proposes re-negotiated interest rates after taking into account all the priority payments. A debt consolidation method can also be used in order to manage debt wherein, one can take a secured loan in order to pay several other unsecured loans. In case of this method, a reduced or stable interest rate provides the debtor with relief.
2. Quick Personal Loan
To keep your savings intact while you fund your small-ticket and big-ticket festive purchases, you can opt for a quick personal loan.
This loan is processed fast, and you can enjoy a competitive personal loan interest rate when you meet the lender’s eligibility terms. The best lenders in the market also have pre-approved personal loan offers, which you can avail of to get speedy access to cash.
When you apply online, you get instant approval from top lenders. Fast approval ensures that you can plan all your purchases without any hassle. Check personal loan eligibility criteria first by reading the lender’s terms and ensure you qualify for the loan before you apply. Then you can submit the required documents. Since this personal loan is unsecured, the paperwork is also minimal, which helps you apply with ease. Make sure you compare different offers and select the best personal loan to ensure all the repayment terms are pocket friendly.
Last-minute and unplanned expenditure is common during festive seasons. However, you can get sufficient funds through a quick personal loan within just 2working days. Be sure to check the disbursal timelines of lenders and apply with the institution that optimises this process. Be it urgent repairs at home or a medical procedure, you can attend to all emergencies without missing a beat. Just make sure you borrow only the amount you need to avoid paying EMIs that put a strain on your finances.
Keeping your financial independence intact is extremely important to enjoy Diwali without stress. These quick personal loans have competitive interest rates and flexible tenors so that you can pay monthly instalments comfortably. You can calculate EMI with the help of a loan calculator and choose the most suitable tenor and loan amount. Don’t miss this step, as it helps you plan the loan right in the initial stages.
3. Private Mortgage
This mortgage is processed quickly, and you may take
pleasure in a aggressive private mortgage rate of interest whenever you meet
the lender’s eligibility phrases. The finest lenders out there even have
pre-approved private mortgage affords, which you’ll avail of to get speedy
entry to money.
To perceive how one can rejoice your monetary freedom this Diwali with a private mortgage, learn on. Use a big sanction and handle main bills comfortably Most monetary establishments provide a sum of as much as Rs. 25 lakh as a collateral-free private mortgage. Using this quantity, you’ll be able to finance all of your large purchases this Diwali. Buy digital items for yourself and your family members, plan a vacation overseas, reward a automotive to your member of the family and extra with this private mortgage. Apply for it on-line and get the funds it is advisable to partake in festive celebrations without compromise.
Get authorised shortly when you apply on-line, you get prompt approval from high lenders. Fast approval ensures which you can plan all of your purchases with none trouble. Check private mortgage eligibility standards first by studying the lender’s phrases and make sure you qualify for the mortgage earlier than you apply. Then you’ll be able to submit the required paperwork. Since this private mortgage is unsecured, the paperwork can also be minimal, which helps you apply with ease. Make certain you examine completely different affords and choose one of the best private mortgage to make sure all of the reimbursement phrases are pocket pleasant.
4. Estate Planning
One area which gets the least focus is estate planning. We work hard and save and accumulate funds throughout our lives to own assets such as property, cars, jewellery and even retirement investments. We would like to pass down our hard earned saving in a judicious manner to next generation. Whatever we accumulate during our life (earning minus expense + growth) forms our estate that we pass on to our next generations.
Estate planning is not limited to the wealthy people. Anyone who has a family must make sure he has a Will, an attorney who will take care of the affairs and also appoints a guardian for his children as lack of it will pass over the custody of your children in the hands of the court. An estate plan will ensure your life earnings are not wasted and will be passed over to your family to help them feel protected and secure.
5. Insurance of life and all other Assets
Each of us is driven by a common goal, providing a safe and secure future for our loved ones. It starts with giving them the necessities and luxuries of life and protecting them from any financial losses. Insurance helps us do that. It’s a medium to protect us from the risk of any uncertain loss that may occur. It does not protect us from the damage but will help recover the financial loss faced by us. It works in a fairly simple way wherein we pay a premium to the insurance company in return of a promise by them to recover losses faced by us if any.
There are two types of insurances, Life insurance and general insurance. Life insurance is meant to protect and provide for the family members in case of untimely death of the earning member of the family. Life Insurance is a must for anyone with dependents and must be high on the priority list. General insurance is meant for homes, vehicles and other assets wherein any loss to the asset will be compensated for by the insurance company. Hence anyone with dependents they want to protect or assets which they have bought with their hard earned money must ensure that insurance is on the top of their list of priorities.
6. Investing for Life Goals
The life of each individual is marked with specific times for specific events like marriage, purchase of a house or vehicle, children’s education and their marriage and finally retirement. Each of these is goals which have to be planned for well in advance. Every individual decides upon a certain amount to be invested into the event. So to achieve our goals we invest. However each of our investments must be directed keeping in mind a certain goal and its time horizon. This enables us to ensure that we have adequate amounts of funds in times of need.