
“Money cannot buy you all the happiness in the world”, said a man who probably had a lot of money. The problem really is not having any of it. When one doesn’t have enough money, it becomes the source of a lot of pain, frustration and anger. All our problems seem to revolve around not having enough of it. Once an individual becomes financially independent, all their decisions are not solely based on money.

Being financially well means you have your finances in order and the mental and physical stress you feel from monetary issues are minimal. Becoming financially well isn’t an overnight thing you can achieve but you can slowly build your finances towards independence. There are concepts like Time value of money, Inflation rate, compound interest that can make it or break it for you.
Here are some important steps that you can take to feel financially stress free:

- Creating an Emergency Fund
  This is a fund that is to be used only under dire circumstances. This fund is kept as a safety net in case of any contingencies or unforeseen circumstances that might crop up. Ideally this amount is 6 months worth of an Individual’s salary. It’s recommended that this amount be kept in very liquid instruments, so that it’s easily available/encashable as and when needed. The great thing about an emergency fund is that it starts to give you that feeling of financial freedom.

- Starting a Retirement fund
  Saving for retirement is something that many people start in their mid 30s to 40s. However this is something that should start way early when you’re in your 20s. Starting small but starting early can take you a long way. Think of when you’re 60, what is it that you want to be doing then and how are you planning today to make it possible then. All of the things that you’ve thought of can all come true if you had funds and that’s possible with better retirement planning. Your best friend in your investment journey is compound interest. e.g.,
  If you have invested Rs.10,000 for a period of 50 years earning 10% on it, you will get Rs.1173908 at the end of 50 years. That’s the power of compounding and it can certainly happen to your money given you’re a consistent investor.
  With PensionBox’s application, you can very easily track your retirement savings and figure out investment avenues. Pension box is here to fulfil all our retirement needs/dreams if you want to fulfil them.

- Paying off your Debts/ Loans
  Paying off your debts helps you to feel financially free and embark on the journey of financial wellness. An average Indian may have some debts from family members or relatives for education. Other than these, he/she may have some personal loans which can be paid off as soon as possible.

Saving and Investing your money can help you achieve financial freedom and lets you live your life on your own terms. There are concepts like Time value of money, Inflation rate, compound interest that can make it or break it for you. Hence, we strongly urge you to embark on this journey today itself with [Pension Box](https://pensionbox.in) and it’s going to be worth it.


“Money cannot buy you all the happiness in the world”, said a man who probably had a lot of money. The problem really is not having any of it.When one doesn’t have enough money, it becomes the source of a lot of pain, frustration and anger.

Financial Wellbeing: Taking care of your Financial Wellness in 2022

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