7 Quick Financial Fixes You Can Implement in a Day

Time to improve your financial situation with quick financial fixes.

People often procrastinate on exercise, chores, and finances. Things could go out of control before you know it.

We are here to save you from the trouble of being financially devastated. 

When you seek quick financial fixes, you’ll probably come across generic options. Keep track of your expenses, pay credit card bills on time, shut down unnecessary subscriptions, and save more.

While these options are useful, we are going to discuss more effective solutions. 

Buckle up! Let’s set your financial goals straight. 

7 Quick Ways to Fix Your Finances

1. Create a Public Provident Fund (PPF) Account

You can create a PPF account in any bank or post office using net banking. The account activation shouldn’t take more than one working day.

PPF scheme is a long-term wealth-building and tax-saving scheme. It allows you to invest anything between INR 500 to 1.5 lakhs per financial year. The interest rate on PPF can be higher than the savings account and the FDs.

The lock-in period for the PPF account is 15 years. Though you can make a partial withdrawal after 5 years. Or you can get a loan against the PPF account whenever needed.

If you invest 1.5 lakhs in a financial year, you get tax exemption under section 80C of an IT act. 

Put money in PPF before the 5th of April to earn interest on the whole amount throughout the year. 

Read more about the benefits of PPF. 

2. Invest in ETF instead of Physical Gold/Silver

Investing in physical precious metals is very common in Indian households. 

Three primary problems with that are- 1. The making charges. 2. Buying and selling are not quick. 3. Sentimental values attached to it.

Simplify the whole process by investing in Gold and Silver ETFs. Not only is it easy to buy or sell, but you may end up earning more returns. There are no making charges. And you don’t have to worry about keeping them safe or shedding a tear or two when you sell them.

3. Add 10-15 Extra Years to Your Retirement Plan

People often create a retirement plan for 70-80 years of life span. But what if you are blessed with a longer life span? Would your retirement plan cover those additional years?

At the age of 75+, your expenses could be more than what they are when you are 60. 

It’s better to have a longer retirement plan, especially for women. Studies show that women live longer than men. 

Add at least 10-15 extra years into your retirement plan.

4. Get a Health Insurance

Health insurance should be your top priority while fixing finances. Medical emergencies can occur at any time with anyone and can create a huge dent in your savings. 

Without health insurance, you are looking at massive bills. You may or may not have such a huge emergency fund. 

To avoid breaking your funds, get health insurance. Better if you get it in your 20s or early 30s. 

Note- Health Insurance also offers tax exemption on 1.5 lakhs under section 80C of an IT act.

Find our more tax-saving instruments. 

5. Close Multiple Bank Accounts

We have a client who and his wife had ten different bank accounts. Some of them were their savings accounts and the majority were salary accounts.

They realized they weren’t able to keep track of so many accounts. And collectively, they had a lot of money lying around in accounts that they could invest.

Eventually, we asked them to shut the majority of the accounts and keep only two to three. Now they are able to manage their money quite easily. They expanded and diversified their investment portfolio as well.

If you have multiple bank accounts, shut them off. Don’t keep the money in a savings account. Invest it in mutual funds, put some in PPF, or create FDs if that’s what you prefer.

6. Don’t Spend Extravagant

Are you an aggressive spender?

Unhealthy financial habits are the primary reasons behind bad financial health. 

You see money in your account and don’t think twice before spending it. Spending habits can go out of control. And by the time you realize it, you have no money to invest.

To save yourself from poor spending habits- Create SIP and your first transaction after you get a salary should be towards SIP. 

If you have multiple credit cards, enable auto-pay to pay the full amount. Instead of buying unnecessary things, put your money to better use. 

Check out the top 5 financial mistakes to avoid.  

7. Get a Financial Advisor

A professional and experienced financial advisor can help you meet your financial goals and suggest options to fix your finances. 

Having a financial advisor by your side will save you a lot of hassle in managing your money. Building wealth is not as easy. You most certainly would need someone’s help. 

However, be aware of advisors who do not have the appropriate licenses or market experience. Here are a few tips for choosing the right financial advisor

Don’t hesitate to dump your financial advisor if they are not on the same page as you. 

Final Thoughts

Building wealth takes years of hard work and consistency. One could ruin it in a blink of an eye if not careful. 

Then it’ll take years to get back on track.

Follow the above easy and quick financial fixes. Most of them can be done in a day or two. Have a clear vision of your money goals and keep following them.

Interested in knowing your risk appetite? Get complimentary portfolio analysis with us and our advisors can recommend investment opportunities to achieve your financial goals.