11 Apr, 2024

A New Year, A New Financial Roadmap for Every Life Stage

What are your plans for the New Year? You might be planning for a trip with family, shopping or eating out! New year also means fresh goals and new resolutions for life. In each stage of our lives, like when we are young adults, or at the middle of our careers or about to enter retirement age, we all have our own challenges. Smart financial planning will help you live every stage of life with ease and peace. Let's explore some important goals for different ages, and how Saral Banking Sewa(SBS) can be your guide along the way.Young AdultsThis is

when core money habits are rooted in you. Learning to budget, saving regularly, and managing debt wisely now will set you up for lifelong financial success. Bad habits formed early can be harder to break later! Here are some pointers:1. Make a BudgetKnow where your money goes! SBS has simple budgeting tools to help you track and manage your finances.2. Save for EmergenciesAim to save away enough to cover a few months of expenses. Find the best savings account rates on SBS to make your money grow faster with more returns.3. Manage Student DebtIf you have loans, make a plan to pay them off first. SBS EMI calculators can help you best manage debt with breakdown of various loan components.Mid-CareerIn the mid-career stage, your income and expenses might tend to increase due to various family obligations. You might dream of finally purchasing your own home or sending your kids to school. These increased financial goals also bring a new set of responsibilities. Here are some pointers:1. Dream of Owning a Home?Use SBS EMI calculators and Eligibility Calculators to see what you can afford and compare loans to find the best deal.2. Protecting Your Family Make sure you have enough life and health insurance. You have to protect your family against uncertainties.3. Invest in Your CareerCourses or training on increasing your skills are best way to increase your income. These might cost now but can boost your income later.Getting Ready to RetireRetirement, when thought about, is not so far away. You will be surprised how fast it arrives once you start working for your goals and start to make achievements in life. Here’s a checklist for your better retirement:1. Boost Retirement SavingsContribute as much as you can to pension plans and social security options available in Nepal. You can also opt for insurance plans with retirement payout options.2. Plan for Healthcare Costs Medical expenses can increase as you age. Factor this into your budget and look into extra health insurance if needed. 3. Keep Earning (Maybe!)Even a part-time job, rental income or small business can add income in retirement. New Year, New Financial FocusNew Year is the perfect time for a new resolution and a chance to reflect on your past spending. Start by setting a clear goal like, are you saving for a trip to your favourite destination? Or are you looking to save for a down payment on a new house? Or looking to purchase that car you always wanted? Set up a recurring transfer each month from your salary account into a savings account like Recurring deposit. Adopt other strategies based on your needs and with a little planning, this New Year can be the start of a brighter financial future for you and your family. This new year, let Saral Banking Sewa help illuminate the path to a secure and prosperous future for you.