Tips on how to improve your financial health?

How do you measure your financial health? Well, this can very well very be understood with the example of pin code and IFSC code. Suppose there is pin code of Bihar and pin code of Chhattisgarh, they are used to locate the particular place very easily just by entering pin code on a search engine, by knowing exactly the place you can send your belongings or materialistic things to your known or unknown person. In the same way, IFSC code works, suppose there is an IFSC code of HDFC, and IFSC code of PNB. By using these IFSC codes, first of all, you can easily make online net banking transactions and can also find out the bank address of a particular area.

In the same way, some methods are there that you need to adopt to know your financial health. These methods are the sources to attain optimal saving and measure perfectly your financial wealth as was explained taking help of IFSC code and Pin code, but here in place of pin code and IFSC code, some aspects need to be kept in the mind that will reflect the status of your financial health. So, let’s get started.

The basic rule of financial wellness is simple, always spend less and save more. If you apply this rule to your everyday lives, then surely you will be able to avail the financial benefits in the near future. But the reality has different faces sometimes as all of us are busy struggling to meet ends. Most of the people are found drowning in student loan, personal loan, home loan, business loan, credit card debts and so on. Plus, the rising price in everything today makes it even more difficult to survive easily for some of us.

You never know how things might come your way as the onus of responsibility wherein you have no other choice but to spend whatever pooled in money you have to get rid of the problem. You will always be trapped amidst personal and professional circumstances that will make you go money spoiler even if you don’t want to. So, how can you actually tackle these situations and ensure to maintain your financial health?

For this, you need to measure it in different ways and see results after some months in order to know what profits exactly you have in store. To understand this better, center for financial services innovation (CFSI) has put emphasis on some indicators that are effective in improving your financial health and bringing improvement in your financial life that often goes tumultuous and complex.

1. Spend less and save more- This is one of the underlying reasons where many people face the problems of paucity when it is utmost needed as they spend more amount of money than their income. As a result of which, they are not left with adequate money to be used for the right thing. You can gain momentum in your financial graph if from today onwards you make it your habit of saving more and spending less. Saved money can give ample benefits in a long-term journey.
2. Pay your bills on time- Make sure your bills of insurance, groceries, personal items, and other utilities are clear in every month to avoid the future burden. If you are aware of the consequences of missing out on monthly payment then surely you won’t compromise with paying bills on time.

Maintaining monthly financial chart is very important to keep things stable or else you will have lots of things piled up for the coming month that surely you won’t be able to bare. Always set reminders to pay even your variable expenses.

3. Make expenses on liquid assets for liquid savings- Nobody knows when situations can turn into turmoil so what you are earning, make sure to save that money and try to do liquid saving so that it can be converted into cash when required. A liquid saving has many benefits, you can make Jewellery, invest on automobiles or real estates when you are in serious need of cash these liquid assets can easily be converted into cash. So in this way, you will never face a problem of running out of money.

4. Have long-term savings- Your long term saving will always protect you from getting knocked down by circumstances. You won’t have to be dependent on anyone for financial support. At times, need arises in many ways that you are not left with money so, if you have savings for your bad times, it can be used to avert the situation instead of crying over why I didn’t save the money.

These aspects will always help you in leading a better life so long as financial issues are concerned. Managing the finance for the right time and keeping bad situations in mind makes your life far better than doing nothing. So, adopt these habits to secure your future financially.

Use of IFSC code and how to find it?

Just like a pin code is required to find a particular place such as (pin code of Delhi, pin code of Jharkhand), in the same way IFSC code is required for different bank branch, every bank and its branch has different IFSC code, such as (IFSC code of HDFC) (IFSC code of PNB). An IFSC Code is given by the RBI (Reserve Bank of India) to all the banks and its branches. You can find the IFSC code in the account passbook, cheque book, and on the RBI website. IFSC has different uses for e.g., during the e-fund transfer, you will require IFSC code.

What is an IFSC Code?

The full form of IFSC code is Indian Financial System Code; it is a unique alphanumeric 11-digit number which is used during the e-transfer of money for the transactions of IMPS, NEFT, and RTGS. You can easily find IFSC code on the account holder’s passbook, cheque book, and also on the Reserve Bank of India’s website. This code is allotted to each branch of the bank by the reserve bank of India. You won’t be able to work on most of the internet banking without an IFSC code as it requires IFSC code for transactions.

Commonly, RBI does not make any kind of update or change with regards to IFSC code. Lately, SBI (State Bank of India) changed the Indian Financial System Code in all the branches after its merger with five associate banks.

Importance of IFSC Code

There are three benefits of Indian Financial System Code:

1. It Provides Identification: This code is helpful in identifying the bank and its branch. Additionally, it provides unique identification to every bank and its branch.
2. Elimination of Errors:it comes to use in eliminating the error during the e-fund transfer.
3. E-transfer:An IFSC code is useful in making the electronic payment easier – NEFT, IMPS, and RTGS.

Use of IFSC Code?

This code has its own importance as it is used by the Indian Financial System to enable online money and electronic transfer. This code helps you easily transfer money through NEFT and RTGS. However, when it comes to using transfer funds through UPI, Aadhaar number is required in place of this code.

How to find the IFSC Code?

You can find the Indian Financial System Code by using three methods:

1. You can find it on the cheque leaf and bank passbook that are provided by the respective bank.
2. Go through the website, all the bank codes are listed on the Reserve Bank of India’s website.
3. One more way to find the code is, go on the official website of the respective bank.

What is a MICR Code?

Magnetic Ink Character Recognition or MICR Code is a reliable, fast, effective, and innovative technology. It is used to authenticate the legality and credibility of the paper documents during the process in banking. It is a nine digit numeric code that you can find on the bottom of the cheques. The same concept is found on MICR code which is followed in the barcodes except they can be easily read by humans.

This code is used by banks in order to verify the cheques before the process of clearance. However, this technology is used for other bank documents also as it is authentic. A MICR code includes details of cheque number, bank code, account details, and control indicator. A MICR code enables efficient, quick, and error-free processing of the cheques that is the reason it’s is used.

How current affairs are beneficial in shaping up your career

Due to the dissemination of digital technology, it has become easier for people to have updated information of the current affairs and surely media has played an important role in contributing to the same. People’s knowledge of current affairs makes them aware of the vital issues going on across the globe so that they are able to upgrade themselves in such a fast-paced life and develop strength to compete in every field. It is essential to get connected to the world and get updated about the news of each place which is very important for personal development also.

Current affairs consist of news, information, awareness, and comprehension that are happening across the world. It is connected to every walk of life due to the medium of the internet, television, and new paper. Talking about the competitive exams, current affairs are one of the significant parts of the question papers and have information of daily GK quiz in Hindi &English which is quite helpful in inculcating a good amount of knowledge into the brain.

Current affairs pick up the topic of every domain ranging from crime, education, politics, sport, money, business, ethics, religion, employment, and so on. You may come across news like rising price of vegetables and groceries and terrorist attacks. You may collect all these informationfrom different mediums such as talk shows, newspapers, television, word of mouth, and internet.

Internet today being the trending source has attained the highest growth in spreading information followed by the contribution of YouTube, WhatsApp, Facebook, and Instagram through internet. Here are the reasons that reflect as to why it is important to be updated about current affairs.

Your conversation gets smarter

We often experience that conversation becomes redundant with colleagues, friends, or anyone who we are in touch with if there is nothing interesting to talk about. Topic of daily current affairs will help you share ideas with one another and build a strong relation of communication among the group that will help you develop positivity also.

By staying in touch with ‘general knowledge topic’ will elude you from unnecessary arguments and keep you attentive towards competition. It will be helpful in making your friends circle stronger than you ever had. Continuous source of knowledge will set you apart from your normal friends and help you cultivate an ability to do different in the field of career also. With each passing day, you will be able to expand the level of your thought with the help of current affairs.

Helpful for improvisation in academic and competitive exams

Current affairs knowledge will help you do well in schools, colleges, and competitive exams. Current affairs are brimming with knowledge of everything that you seek. It is better to ensure and infuse better management in your daily life to take out some amount of time to go through the current affairs, the result of which will surely give you something fruitful and lucrative in coming years.

Over the years, it has proved to be one of the optimal ways of increasing knowledge than any other medium if adopted the method perpetually on a daily basis. For people belonged to far-flung areas “such as the interior of Bihar, UttarPradesh or MadhyaPradesh” can order books of current affairs from big cities after putting their personal details in the envelope such as name, phone number and pin code of Bihar, UP, or any other place. Current affairs as a pillar of knowledge are inevitable in today’s ambience for children and youth which must be encouraged.

Helpful in taking better decisions of life

Blend of knowledge and current affairs in daily life makes you a smarter person and help you bag more deals on the professional front as well. You become well-versed with the knowledge of every field as a result; you are able to take good decisions of life. Be it the financial investment, business or any profitable venture. Current affairs assist you to take better decisions.

So, whenever you feel bored or find yourselves trapped amidst unnecessary numerous thoughts. Catch up on the current affairs and instill good ideas and knowledge into the brain. This will definitely work and help you in carving out your niche.