January is the month of beginnings. It is that time of the year when we assess our lifestyle, chalk out life plans and goals, look at finances, work towards building new habits, etc. Of all the aspirations, money management is a vital resolution for many. The path toward getting there can be challenging, but you can take small steps that can empower you to understand how you can plan your finances better.
Let’s take a look at some steps you can incorporate to effectively managing your money:
- Make bill payments easy with automation: Apps like CRED understand modern stressors and how tedious it can be to manually track several bills and their due dates. But now you can leverage Bharat Bill Pay System on CRED to make recurring payments on utility bills like electricity, telecom, water and gas, education fees, municipal taxes, FASTag recharge, and much more. And what is better is that paying bills is rewarding on platforms like CRED. The platform, in collaboration with Bharat Bill Pay System, has launched an assured rewards campaign from January 12-16th. Members can win cashback up to Rs. 10,000 on bill payments.
- Let go of the paycheck life: Does the 15th of every month increase the frown on your brows? In that case, budgeting can be an absolute game-changer for you. Create a budget and write your financial goals. Prioritise your expenses and understand where to cut down on spending. With this habit, you can tackle your challenges before they become big issues. You can also have a look at several tools that can help you manage your finances better. If you have EMIs on your plate, these calculators can aid you in your budgeting journey.
- Be mindful about your transactions: To maintain a good credit score, you need to keep a tab on where you spend your money and if any errors are popping up. There are platforms wherein you can utilise tools to avoid errors while spending your money. This will give you reminders on bill payments, and credit card usage statistics, and detect hidden charges or suspicious transactions, enabling users to bring up disputes and get them corrected.
- Park your money into several investment avenues: There are plenty of investment tools that you can consider, depending on your risk appetite. It is only rational that you ponder these tools because putting your money into different sources allows you to make the most out of different interest rates and it is a much safer choice. Take your time to understand different products, services, and tools that make investing easier and work towards diversifying your portfolio. Enhancing your relationship with money is a long-term process. If you understand the channels that you can deploy to work on this relationship, investment and financial management will be a rewarding experience for you.
To sign up on CRED and understand your relationship with money, click here. Bharat Bill Payment System is a Reserve Bank of India (RBI) conceptualized ecosystem driven by the National Payments Corporation of India (NPCI). It is a one-stop ecosystem for all recurring bills providing an interoperable and accessible “Anytime Anywhere” recurring payment service to all customers across India with certainty, reliability, and safety of transactions. It offers repetitive payments of all types like electricity, telecom, DTH, gas, water bills, insurance premium, loan repayments, Cable, FASTag recharge, etc. through a single window.
