Today is the last second day of 2021. So far, the ride has been spectacular for most of us, and although the path was filled with ups and downs, we can all agree that this is the time of year most suited for reflection and planning ahead.

While most of the world regards this time of the year as the holiday season, in our opinion, it is also the time of the year when we need to recognize and reflect on the several shortcomings we experienced throughout the year and plan the way ahead, and in today’s blog post we will do exactly that. Without further ado, let’s get started.

1. Planning Above Everything

One of the first and most important lessons most of us have learned through the course of our life is that planning is paramount irrespective of the aspect we are currently invested in. Right from planning our wedding with our dream partner to planning ahead for our retirement, the essence of this process lies in the fact that planning not only equips you with time to chart out your actions but also a clear view of the entire picture.

In the context of finances as well, there is a lot of planning you need to invest in, especially if you are planning to reach a big goal, such as paying the down payment of your vehicle with your own hard-earned money, saving for your great fat Indian wedding or for your early retirement.

While there are many obvious advantages of investing time to plan the way ahead, one of the most significant is the scope it allows you to fine-tune your actions along the way. For instance, let’s assume that you want to save ₹10 Lakhs for your wedding in the next five years. Now without proper planning, you will not only need to save a higher amount every month to reach your goal, but you will also lack certainty on if you can reach the goal or not. Thus, planning ahead of time is crucial when it comes to financial matters.

2. Protecting Your Family

If there is one invaluable asset over your time, it is your family. Although most of us don’t realize this until it is too late, our immediate family is the backbone of all that we achieve in life, and thus it is our inherent responsibility to not only meet their needs and expectations to the best of our ability but also protect them through good and bad times.

From a financial perspective, if you want to protect your family, there are a number of steps you can adopt, such as:

• Setting up an Emergency Fund:

The importance and impact of an emergency fund can only be realized in retrospect; however, take our word for it that if you invest time, effort and money into setting one up now, you will thank us later. Setting up an emergency fund solely to meet the needs of your family not only ensures that you survive in the bad times and thrive in the good times but also instils in you a sense of discipline and responsibility like no other.

• Health and Medical Insurance:

Similar to an emergency fund, the true impact of an insurance policy can only be realized in retrospect. While it is true that affording the high premium amounts of insurance plans can be quite expensive, these days, you can take out an instant personal loan for paying the same and then repay the loan amount in easy EMIs. Subscribing to a health and medical insurance policy ahead of time for your entire family will not only ensure that you can meet emergency situations head-on but also protect yourself from financial stress.

• Give to Receive

If we are being honest, we have all had instances where we had the opportunity of giving or donating money to a charitable cause; however, we shy away. In moments like these, we begin calculating the immediate cost of this generosity and forget to account for the long term benefit we can entail.

For instance, under section 80G of the income tax act, you can save on high tax returns simply by donating to a registered NGO or charitable organization. While you might think that you need to donate a significant amount, in reality, it can be as low as ₹100, and it is fine as long as it is utilized for the stipulated purpose.

• Putting You First

Last but not least, in our fast-paced everyday lives, we seldom lack the time or opportunity to stop and appreciate the little things around us. We are constantly worried either about the next vacation or the next salary, and this not only affects our stress levels but also our overall quality of life.

Thus, as a concluding pointer of this blog post, let us embrace the philosophy of always putting ourselves first, both from a financial as well as a holistic perspective.

For instance, instead of spending on materialistic pleasures as soon as your paycheck arrives, take out some funds and pay your medical insurance premium or the upcoming EMI of your personal loan. Not only will both these moves immediately grant you a greater degree of overall satisfaction, but it will also ensure that you always put yourself first without taking on any financial stress or burden.

In Conclusion

Today marks the end of 2021, and we hope that through this blog post, we have not only been able to summarize our most impactful learnings throughout 2021 from a financial perspective but also imparted the same on you.

Thank you for trusting ZinCash personal loan app for all your financial needs in 2021, and thank you for reading.