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Financial well-being refers to the ability to fully satisfy one's present and future financial obligations, to feel confident about one's financial future, and to make decisions that allow one to enjoy life. The State Bank of India (SBI), one of the largest lenders has offered five pieces of advice on its Twitter account to encourage users to prioritise their financial security in 2023.
Having a solid financial foundation is crucial for providing a safety net against unforeseen events and preventing debt traps. Additionally, it gives you freedom of choice, allowing you to avoid depending on others just when you need money the most.
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Here are those 5 tips shared by the State Bank of India:
- Do not overspend on wants- Your budget will always suffer if you indulge in excessive spending. According to financial experts, if you want to live a financially healthy life, you should avoid going over your budget and accruing large amounts of debt. Overspending can also keep you from achieving your financial objectives.
- Build a contingency fund- According to experts, the emergency fund should contain enough money to cover operating expenses for at least six months. Start transferring your savings into a new, separate account.
- Start saving for retirement- Consider setting aside 10 to 15 per cent of your salary for retirement.
- Invest in tax-saving funds and SIPs- SIPs are among the best tax-saving tools since they offer significant investment returns. If you invest in ELSS through SIPs, you can deduct up to Rs. 1.5 lakh from your taxable income.
- Improve credit score by paying credit card bills and EMIs on time.
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 "SBI shares tips on how to prioritize financial wellbeing this year")
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