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The best thing about money is the freedom it gives you to do what you want. But only if know how to make your money work for you. Your goal can be anything. Wouldn’t you like to retire early? Have the luxury of a foreign holiday every year? Or better still, be your own boss! Set a financial goal and work towards it. It’s always easier to save if you have a target. So ladies, get, set and goal!

Set your own retirement date

While it is true that if you love your job you will never have a day of work, it is not everyone who can enjoy this luxury. Most of us would like to quit our 9 to 5 existences and actually start living as early as possible. To be able to retire when you want, you need to inculcate the savings habit. But more important, turn the savings habit into an investing passion. Invest your savings for maximum returns. But remember, if you have a retire-in-10-years goal, do your long-term savings for 7-8 years. Monitor your funds and bring them into safer avenues. Over time as you near retirement over a 3-5 period, it is better that you move any equity funds or stocks to fixed deposits or better yet, debt mutual funds which are safer heavens.

Fly away vacations

A foreign holiday is a dream that you can easily realise – without dipping into your liquid cash or swiping plastic. Set aside a fixed amount every month for your international vacation. It could be anything from ₹ 10,000 upwards. You could open a separate account for your holiday planning to avoid the risk of spending your money on something else. Or you could open a recurring account for travel. Having a separate fund for travel also means that you will always have ready cash for sudden deals and be able to stretch the rupee. Planning ahead can get you cheaper air tickets. Saving in a liquid fund is also a good way of getting better returns than just leaving your money in the bank.

Freedom to freelance

After enough years of working the grind, the lure of the freelance world beckons. You may want to freelance because you don’t want to leave your baby. Or maybe, you just feel you can earn more if you work for yourself. But before you take the plunge, do some math. Calculate your monthly expenses and multiply that by six. So if you feel you need ₹ 50,000 every month, you need to have ₹ 3,00,00 in the bank. You would also do well to have monthly income schemes so that there is a steady income flow for when the freelance payments are delayed.  Next line up your freelance assignments in a manner that there is a cheque coming in regularly – every quarter, if not every month.

Go ahead, set your goals and enjoy your money. All it takes is a little planning!

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