5 ways to maintain your financial health

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A strong financial base is the backbone of a happy life. As the saying goes, Rome was not built in a day; we must first tend to know that everything or anything is not achieved overnight. Setting yourself up on a successful financial platform does require a lot of patience, dedication, and maintenance.  Now, not wasting time on normal careless habits of an individual, let’s focus on the steps on how can we improve or maintain financial health.

1. Automate Savings:

• Plan for expenses
• Reduce expenses
• Save for future plans
• Spend Mindfully
• Prioritize your savings

2. Repeating expenses can be eliminated: 

• Analyze your monthly expenses.
• Review your bank statements and cut of recurring expenses.
• Change to low price options for TV and gym packages.
• Downsizing discretionary expenses for living 
• Try to stay on your budget

3. Compare insurance rates and raise deductibles: Comparison is the key. 

• Compare and reach the net best. 
• You may even raise dropping coverage levels.

4. Build and Maintain Emergencies Fund

• First, it helps to manage emergencies
• If not used, it helps in the accumulation of savings.

5. Recognize and manage Lifestyle inflation

• An extra income does not mean extra expenses.
• Evolution in professional situation increases personal spending.
• Matching a friends status targets misuse of funds

Conclusion: Though the above steps prove to be beneficial in maintaining financial health, as it stimulates the growth of savings, but these are effective only when the saved funds are invested properly within the right tools.