1. Identifying your financial goals
Setting specific goals is the first step towards reaching a stage of financial freedom. To get started on your way to goals, some of the questions you can ask yourself are:
• Is my goal to increase savings and reduce spending?
• Is my monthly budget enough?
• Do I want to build an emergency fund?
• Do I need to plan for my retirement?
• Do I have any big purchases coming up?
2. Analysing your expenses
Tracking your spending habits is a great way to stay on top of how much and where your money is being spent. It can also help you to identify wasteful expenditures and find a way to avoid them.
3. Paying off with your debts
Reducing the burden of your debts takes the pressure off your shoulders so that you can focus on your financial goals. Consolidating them is a great starting point to efficiently pay them off.
4. Automating your financial transactions
Complementary to tracking your savings, you also need to initiate an automatic transfer of money to a fixed savings account. This will help you inculcate the habit of regular savings.
Setting aside some funds to invest in stocks, bonds or mutual funds can potentially help you grow your wealth and achieve financial freedom. Your salary mostly gets spent on paying bills. While your savings can help you in case of financial emergencies, their value keeps decreasing as time passes. To ensure a secure and financially stable life, investing in ICICI Prudential Freedom SIP might be a good choice. The Freedom SIP feature doesn’t let your savings remain passive but ensures you can use them later to fulfil your goals.
The Freedom SIP by ICICI Prudential helps in inculcating financial discipline, offers flexibility based on your goals and risk appetite, and ensures a fixed monthly income through the SWP once the predefined tenure is completed.
here to learn more about ICICI Prudential Freedom SIP.
ICICI Prudential Freedom SIP is an optional feature that allows initial investments through SIP, switch to another scheme after a pre-defined tenure and SWP post that. The SWP will be processed either till Dec 2099 or till the units are available in the target scheme, whichever is earlier. This feature does not in any way give assurance of the performance of any of the Schemes of ICICI Prudential Mutual Fund or provide any guarantee of withdrawals through SWP mode. Freedom SIP allows investors to switch the SIP investments to a target scheme, and post completion of the SIP tenure & monthly SWP will continue from the target scheme. Please read the terms and conditions in the application form before investing or visit www.iciciprumf.com. This facility should not be associated or confused with Freedom SWP; the two are separate facilities provided by ICICI Prudential AMC Limited.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.