Outlook Money
By monitoring the right financial data, you may achieve financial wellness, make future plans, and keep control of your money.
An emergency fund covers essential expenses like rent, groceries, and bills during unexpected events. Try to save at least 3–6 months of living costs to stay financially secure.
Try to save at least 10–15 per cent of your income for retirement through PF, NPS, or mutual funds. Even small contributions grow significantly over time, ensuring a comfortable future.
Net worth is calculated by subtracting total assets from total liabilities. It provides an overview of your financial condition and facilitates the tracking of wealth growth over time.
Monitor your credit card balances and pay them in full each month. To lessen financial stress, stay away from high-interest debt.
Start saving early for your child's college or university education. Try to save enough to reduce the need for loans and possibly win scholarships.
Debt-to-Income (DTI) ratio is calculated by dividing your total monthly debt payments by your gross monthly income then multiplying by 100 to get a percentage. This ratio shows how much of your income goes toward debt and helps you manage financial obligations effectively.
Spend less than 30 per cent of your income on non-essential items like eating out, entertainment, or shopping. Try to save at least 10–15 per cent first, then allocate the rest for lifestyle expenses.
By keeping track of these seven figures you can make sure you are living within your means, saving enough for the future, are ready for emergencies, as well as attaining your financial objectives.