Most people are not satisfied with how much they earn when it comes to money. Nor do they feel secure about their future with their current income. Despite working hard, their income only covers basic living expenses, and spending on recreational activities makes them feel guilty.
If you feel stuck in a cycle of falling short on funds or think that your earnings don't support your desired standard of living, or are looking to save up for future plans, start practicing the following tips to be financially stable:
Budgeting is a two-step process because making the budget is just the first part! Following it is the next and crucial part that directly impacts your finances. Budgeting and writing down all expenditures helps to clarify how you're really spending and on what. So, before you start spending, make a budget! Whether you are going shopping, planning a vacation, going out with friends etc. always have a budget and be mindful of it.
Most people fast for health and religious reasons. But have you heard of going on a spending fast to improve financial health? If you just can't stop spending money, this technique may seem like torture at first, but you'll end up with stronger willpower to control unnecessary spending. Try this out for at least two or three weeks and see how much you can save.
Even if you're currently on a tight budget, think about the life goals you want to achieve. Maybe your dream is to buy a home, a car, retire early, have children, or all of these and more! A strict budget is a key component in your long-term financial goals. The long-term joy that lasts beyond a few short days is worth striving for and sacrificing insignificant spending.
As we've seen in the last two years, times are highly unpredictable and having sufficient savings to help during emergencies is very important. It's recommended to protect and build on your savings by making low-risk investments. Additionally, look for investments that you can easily liquidate.
As mentioned above, it's wise to have a source of funds to rely upon in unpredictable times. However, instead of touching your savings, create a secondary income stream that can eventually grow larger to support your financial expenses and goals. In addition to your main source of income, having a side job that gives you extra income will help you reach your financial goals.
One of the ways you can earn extra money is through IDFC FIRST Bank's Personal Loan Partner Program. It is a special opportunity that requires no travelling, long hours, or investment. It is a referral program where you refer IDFC FIRST Bank personal loans to those who want to apply for a personal loan. This can include people in your social circle, like friends, relatives, colleagues, neighbours etc.
All you need to do is sign up on the refer and earn money app. Then you need to onboard people who want a personal loan by entering their details and tracking their loan application. Once the loan amount is disbursed, you will earn income out of it – 1.5% of the disbursed amount.
There are no hidden fees, costs or charges to be a member and earn.
IDFC FIRST Partners can make up to Rs. 50,000 per month solely on commissions earned on loan disbursals. (T&C apply)
There's no waiting for an entire month to receive your payments in this program. We pay our partners their earned commissions regularly on a weekly basis.
Easily sign up as a partner on our app with a few basic documents. Zero paperwork and no long procedures are involved.
IDFC Bank values its partners and recognizes them with awards and other reward programs.
Loans from IDFC FIRST Bank are disbursed quickly and require no physical documentation. Partners will also receive real-time communication updates on the customer's application journey.
Remember that the journey of a thousand steps begins with the first step, and it begins now! If you take action today, one year from now, you may be surprised as to how much your situation changed for the better because of it. Sign up today to become an IDFC FIRST Partner and be on track with your financial goals!
To earn over Rs. 50,000 and more every month, download the MyFIRST App TODAY! Start referring to enjoy a second income and unbelievable benefits: Click here to download or contact us for more information.
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.