This Independence Day is unlike any other Independence Day. After all, the whole of India will be celebrating Azadi Ka Amrit Mahotsav to commemorate the 75th year of Independence. It is dedicated to all Indians who have played a pivotal role in the evolution and progress of the nation.
The grand festival that officially started on 12th March 2021 is divided into five interesting themes.
Theme 1: Freedom struggle
It aims to underline the contributions of unsung heroes and revisit the movements and milestones that eventually made the country free.
Theme 2: Ideas@75
It aims to consider the ideas and ideals that have shaped India so far and will guide the nation during Amrit Kaal which is the period of 25 years between India@75 and India@100.
Theme 3: Resolve@75
It aims to focus on our collective determination to shape India’s destiny and ensure tremendous growth in the next 25 years.
Theme 4: Actions@75
It aims to highlight how well steps are being taken to implement policies and realize commitments toward a better India.
Theme 5: Achievements@75
It aims to celebrate India’s achievements in the past 75 years by showcasing the progress and evolutions across different sectors.
This year’s celebrations are going to be historic. Why don’t you too participate in this Azadi Ka Amrit Mahotsav in your own way? When the entire nation celebrates the 75th year of independence, you can pledge to become financially aatmanirbhar and move towards your financial independence.
Financial independence means different things to different individuals. But in essence, it is the ability to control your finances – both current as well future. A lot of things give you this control, such as having enough money to fulfil your needs and wants, having enough savings for your goals or even emergencies, not living from paycheck to paycheck and so on.
Here’s how you can achieve financial independence.
- Know your financial state
Begin your march toward financial independence by understanding your current financial life. For this, make a note of all your sources of income and areas of expenses. Also get an estimate of your savings, debts, etc.
- Set financial goals
The nation wanted to be free – that was their objective. Find out what’s yours. Ensure your financial objectives are specific, achievable, and time-bound. For example, you need lakhs to fund your child’s education is a vague goal and will not be of much use when you plan your finances. However, when you write down that you need Rs. 5 lakh in 10 years to send your child to XYZ university, it becomes a specific goal that will help you plan better.
- Monitor your expenses
It is best to steer clear of incautious spending. Even seemingly small expenses can push you deeper into the debt trap over time. And you will never be financially free until you are tied by the shackles of debt. So, start tracking every rupee. You can make your task easier by using tracking apps.
- Make lifestyle changes and aim to become debt-free
‘Debt go back, debt go back’ should be your number one mantra because it is one of your biggest financial enemies. Cut down on your expenses and look for additional sources of income to repay debts faster.
Being frugal is a great trait to have while fighting for financial freedom. Do you really need to order food every holiday? Do you really need a subscription to every OTT platform? Are you sure you really can’t take a shared cab or public transport to work occasionally? Just like these, there are several questions related to your lifestyle. Sit down, introspect, and make financially prudent decisions.
- Save and invest regularly
You don’t have to struggle monetarily if you start saving and investing money diligently. You can do both simultaneously by starting a Systematic Investment Plan (SIP) in mutual funds. An SIP is a mode of investing in mutual funds regularly. When you start an SIP, your chosen SIP amount is automatically deducted from your bank account at your chosen frequency and is invested in the mutual fund scheme of your choice.
- Start your journey early
Don’t procrastinate when it comes to saving and investing if you want to be financially free early. Does the lack of money discourage you from making the move? Luckily, you don’t need a lot of money to begin your mutual fund journey. At the stroke of the midnight hour or whenever you want, you can start an SIP even with Rs. 500/month.
- Make the right investment choice
Different problems demanded different types of movements during the independence struggle. It is the same with investments. You need different types of mutual funds for different needs. For example, an overnight fund is suitable for building an emergency fund while other debt funds may be suitable for meeting short term goals such as buying big furniture or going on a trip. Choose the most suitable scheme after assessing your goals, risk appetite, and investment tenure. While picking your funds, don’t forget to focus on portfolio diversification.
- Increase investments with time
Many Indians played a significant role in India’s freedom struggle. It wasn’t a one-man’s job. Likewise, a single one-time mutual fund investment may not help you taste financial success. You must keep investing regularly and keep adding to your investments gradually. You can do this easily with the help of a top-up SIP.
- Don’t ignore taxes
Just like debt, taxes too can turn out to be one of your biggest financial enemies because they reduce your take-home returns. But you can lower your tax outgo with mutual funds. Equity Linked Savings Scheme (ELSS) is a tax-saving mutual fund that helps you reduce your taxable income by up to Rs 1.5 lakh per annum.
If an entire country of crores of people can become free, you can do it too. So go desi, invest in mutual funds through AMC in India, and arm yourself with mutual funds to fight off all your financial foes and eventually become financially independent.
An investor education initiative by Edelweiss Mutual Fund
All Mutual Fund Investors have to go through a onetime KYC process. Investor should deal only with Registered Mutual Fund (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit - https://www.edelweissmf.com/kyc-norms
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY
Trending Articles
Signup for our Newsletter
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
