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The time before New Year is a good time to review your past financial condition so that you will know how your finances are going to be improved or fixed. Today, ACU PAY will bring 5 easy important financial things that are often overlooked to talk about and to be as a present for all of you on New Year.
We should first study about which savings give high returns. There are a lot of savings for you to choose from like deposits that we are all familiar with, such as savings account, or long term deposits such as fixed deposit and tax free fixed deposit which will set the period of depositing for 24 months or 48 months depending on conditions of each bank.
Nevertheless, as inflation is known to rise every year, many experts recommend investing so you can get higher returns and the value of money will not be depreciated.We may study savings based on acceptable risk levels, such as money market funds, government bond funds, or general fixed-income funds.
If you still feel that you earn low returns and want higher returns and higher risks, you may choose to save on stocks such as debentures or invest in real estate or gold.
Many people may choose to deposit money in general savings accounts, but little did they know that savings deposit rates are now relatively low and not worthwhile when compared to rising inflation every year.
Even so, there are deposit accounts that are very popular and give higher interest rates than ordinary savings which is a digital deposit account, also known as a no-book account, that can be opened through each bank’s app. For example, B-You Max savings accounts receive 6.00% interest per annum for deposits not exceeding 10,000 baht.
In this regard, you should study the terms and conditions of the fee well because each bank will adjust its interest rate monthly.
Have you ever planned a good financial plan but cannot follow through? Let’s do it again by starting from a daily record of income and expenses so that you will know what items that you spent money on, categorize your expenses and you will know how to manage or which part of expenses should be reduced.
Now we can make very, very convenient revenue and expenditure from many financial applications or tools that make us work more efficiently.
Life is unpredictable, so having a good financial plan will help us live a more stable life. So in the new year, let’s start saving at least three to six times our salary. This money is like an airbag to protect us when we face an emergency and need to use money urgently. Let’s put it in an account with liquidity with high interest so it can be easily withdrawn.
Those who are struggling with outstanding debts such as credit cards, home loans, and automobile loans should start paying more seriously this year, especially high-interest rate debt. These debts can quickly accumulate and become a financial burden.
To get rid of high-interest debt, let’s try to allocate more money to repay the debt by
In addition, you may seek retention or refinance of debts to negotiate debt restructuring or lower interest rates.
