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02/02/24

Gather Your Finances Teens! 

Maitri

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Pay with Cash, Not Credit: Instead of paying with a credit card and accumulating loans, you must pay with cash or a debit card to deduct your money directly.

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Educate Yourself: Keep yourself aware of the basics of finances which can help you avoid unnecessary spending of money on friends or other things.

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Make a Budget: You must keep a track of your expenses and savings. Don’t let your expenses exceed your income.

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Start an Emergency Fund: There is a mantra in finances, “pay yourself first”. This means saving money for any emergencies and your future.

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Save for Your Retirement Now: If you start saving in your 20s for your retirement then you will earn interest on your principal deposit and on what you earn over time.

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Monitor Your Taxes: You must calculate whether your current income is enough to pay off your taxes and meet your expenses too.

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Guard Your Health: Applying for a health insurance is of paramount importance.

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Protect Your Wealth: You must have your income insured in case you are unable to work for an extended period of time.

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