4 smart ways to access and manage your wealth

Life is so much easier and happier when you’re good at managing your wealth. You are stress-free and you don’t have to compromise on your needs every month. Besides, how you manage your money ultimately decides how you’re able to sail through this wonderful, but slightly unpredictable journey called life.

However, we don’t deny the fact that managing your wealth can get quite tricky. So, if you are someone who’s sailing in this boat, here are some incredibly simple ways to manage your wealth and effortlessly access it:

Get an expense tracker

These days, there is a mobile banking app for everything, including one for tracking your expenses. Free and paid, there are many you can find on the app and iOS store. You can link your bank account to the apps and they will tell you where you’re spending your money, some will even do so with delightful charts or illustrations. So, you not only track your expenses but with the help of these apps, save money too. 

Learn the ABCs of investing

If you’ve got money lying in your savings account, it is about time you make it earn some money for you. There are Fixed Deposits (FD) to put your money in, mutual funds to invest in, gold to buy, and equities to trade. Get in touch with a financial advisor or take the help of your bank’s wealth management solutions offering. Investments are your most potent method to create wealth. 

Use credit cards wisely

Credit cards come in handy during emergencies and when you’re short on cash. And when you use them to pay bills or buy stuff, you stand to win cashback and points. And there are different types to choose from, just go and compare credit cards online to see which one suits you. But, remember to pay back the sum within the due date. This way, you won’t have to pay interest and you’ll save money that you can invest. 

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Online is your new bank 

We’re living in the digital age and that has eased access to your wealth. There’s net banking, mobile banking, digital wallets, and UPI apps. All of them not only help you access your money in your savings account with ease but let you do so much more: transfers, payments, recharges, investments, order cheque books, update your account, etc. Use these modes and forget having to visit your bank branch altogether; easy access right at your fingertips.

Opt for auto-debit

Missing bill payments not only means late fees but can also mean a hit on your credit score. For example, let’s say you’re late on your personal loan repayment or missed the credit card bill due date. Thus, auto-debit. It means the required sum is automatically debited from your savings account on the date of payment, you don’t have to move a finger or worry about the dates of bill payments.

 So, there you go. Just follow these steps to not only have easy access to your wealth but to keep building it.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.