admin April 6, 2019
How to Stick to a Budget on the Weekends: 10 Strategies to Try

A 10-weekend take charge plan will transform the way you manage finances if you follow it seriously. These tasks will help you shape your finances for not just a short period but a longer one. They will not just help you save time but will help you save a considerable amount of money as well. However, the best part is not saving time or money but rather attaining a peace of mind which comes when you abide by the 10-weekend take charge plan.

So, How Does a 10-Weekend Plan help you to Manage Finance?

The thing is that in today’s time, hectic work timing and busy schedule throughout the week takes time away from an individual. Thus, there is no time to manage finance; herein an individual’s personal finance takes a backseat which is not good at all. So to ensure that a sufficient amount of time is devoted to managing personal finances, here is a 10-step plan to help you get the grip of your finances.

  1. Automation of Bill Payments:

    The first step is to start automating the bills. From rent and electricity to Wi-Fi and cable bills, all of this must be sorted efficiently. Given the fact that these are monthly affairs, the best you can do is get rid of the manual approach. Set a debit instruction which helps you to manage mundane tasks without stressing too much. In the meantime, you can focus on other important things.

  2. Reducing Bank Accounts:

    The more the bank accounts, the more troublesome the process of keeping tracks. Thus, the best way to manage your savings and track your finances is by consolidating the bank accounts into one.

  3. Reduction of Credit Cards:

    In the third week, it is important that you reduce to credit card into one single card. It will help you to use a single credit card for all the payments. This exercise will help in bringing the stress of managing multiple credit cards down.

  4. Calculate your Debts:

    In the fourth week, you need to put all your debt instruments in place. This will help you determine your personal net worth. Furthermore, it will assist you in understanding how much you owe to people and how much is left to pay off.

  5. Get Health Insurance:

    Insurance is pivotal in today’s time. Once you know how financially sound you are, just check for the best insurance products in the market in the fifth week. It will help you to secure your family along with providing you tax benefits.

  6. Make an FD Investment:

    If you are looking forward to helping your finances grow, a favorable option is to invest in a fixed deposit which offers a higher return. Regarding returns, the fixed deposit product offered by an NBFC such as Bajaj Finance is much higher.

  7. Keep Things Clear:

    Communication is vital among family members. It is essential that you communicate and let them know about all the financial belongings. Thus, in case of a difficult situation, they can help you out.

  8. Life Insurance:

    Now into the eighth week, it is advisable that you go for life insurance. While opting for the same, it is crucial that the amount that you need be 300 times more than what is needed.

  9. Alternative Investment:

    Having secured your family’s future through insurance and providing an additional benefit through the fixed deposit, you can also invest in some alternative products which can help you save taxes.

  10. Plan for Retirement:

    Having seen the nine weeks, you might feel the transformation that you achieved with regards to your finances. The last step is to prepare for retirement. Not retire but just plan it as per your wish.

Each step should be implemented each week, and in 10 weeks you will be well prepared for every uncertainty that comes your way.

Also, Read This: Smart Investment Options Available in India?

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