Mastering finances involves understanding income, expenses, and budgeting essentials. Allocate income wisely: 50% for necessities, 30% for savings, 20% for discretionary spending. Adopt saving strategies like automatic transfers and goal setting. Explore investment options like mutual funds and fixed deposits, keeping risks and returns in mind. Optimise tax benefits with instruments like PPF and ELSS. Manage debt responsibly and set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) financial goals. Cultivate disciplined habits and consider socio-economic factors that influence financial decisions.
137
