Freecharge's video: How to Check Analyse and Build Personal Financial Strength Freecharge Hindi

Everyone has both short-term and long-term goals in their life. To fulfil them, one needs to be financially strong, i.e., have enough savings to meet your goals. Just like having good physical health is important to you, having good financial health is equally important. This can only happen when you get your finances straight by making a regular habit of saving and investing as much as possible every month. Because your future depends on today’s savings. In simple words, the stronger your financial strength, the better would be your future.  Now, the big question here is how aware you are of your current financial condition and if you are managing your finances well every month. Also, it is important to know the areas in which you are lagging. Do you know how financially strong you are? When was the last time you checked your financial strength? Well, there are a series of similar questions that you need to ask yourself before you go ahead with planning your finances. Running a financial check every quarter or semi-annually can put you on the top of your financial game. These checks also aid you to be aware of the available finances in hand and the debts that need to be addressed first. Since you have understood the basics of financial strength, let’s understand its meaning, factors, and ways to improve it. In this Video, you’ll also come across the most important financial tool that’ll aid you to determine and compute your financial strength so stay tuned till the end. Meaning of Financial Strength A person who saves a particular amount every month from their income, doesn’t have an excessive debt to take care of, invests in suitable financial avenues, and has insurance cover, can be said to be financially strong. There are some signs that can lead to the downfall of your financial strength: - More debt in hand to clear than savings. - Don’t have funds in the emergency fund to meet the urgent needs. - Unnecessary credit card purchases and interest payments. - Lack of cash flow every month to meet your needs. - Investing without any forethought or knowledge. Factors That Tell You About Your Financial Strength It’s always important to keep a tab of your finances and take a tour of your portfolio before you go for any sort of huge spending. Assess your assets and liabilities, monthly income, and investments to know your financial strength and where you stand with your finances. From this assessment, you’ll get to know whether your financial strength is favorable or not. If you are on the positive side with respect to your finances, then there isn’t any problem. If you are on the other side of the shore, then you have a problem. But fret not. The following are the multiple factors that define your financial strength. Like, if your expenses and savings are in check, whether you are investing properly, and whether you have insurance coverage. All these factors cumulatively showcase your financial strength in the real world. Let’s talk about each of them in detail. - Expenses: Expenses need to be kept in check. You need to know how much of your monthly Income you are spending each month. And if you are spending more than you should be, you should change your habits right away.  - Savings: Next is saving or investing. From your monthly income, you should invest a particular amount every month in the investment avenue of your choice and suitability. With an increase in your income, the amount you invest should also go up proportionately if not more.  - Insurance: While a lot of people still think that insurance is a waste of money, most of them are unaware that it’s one of the factors that’s protecting you from futuristic losses. It not only secures you from all sorts of perils that may cost you a fortune upon the occurrence of any unforeseen event but also provides timely financial support. - Emergency Fund: If life throws you curveballs, you should be in a situation to tackle them. This is only possible when you set aside a portion of your monthly income into an emergency fund. Just like you use insurance post-emergency, you use an emergency fund for the same purpose. It acts as a rescuer at the time of an unprecedented situation. 👉Download Freecharge App: https://frch.in/k9HEcmfbjrb 👉Visit us: https://www.freecharge.in 👉Follow us on: Facebook: https://www.facebook.com/Freecharge Twitter: https://twitter.com/Freecharge Instagram: https://www.instagram.com/freechargeofficial/ LinkedIn: https://www.linkedin.com/company/freecharge-in/