Just how you check your bag for daily essentials, check this list to make sure you have all these life essentials:
1) Bank Account:
A bank account is extremely important because it helps you keep a track of all your money (earned as well as spent). Keeping your money in a bank instead of at home will also help you grow it because you will get an interest for your deposits. With a bank account you can easily pay your taxes, access your account from any location at any time and transfer money to anyone anywhere in a safe and secure manner. And now with the internet, things have become so easy, that a having a bank account gives you the same freedom and flexibility you enjoyed while carrying hard cash around.
Nobody can predict the future, so when the disaster strikes its best to be prepared. Having an insurance is like having a backup plan. Nobody is immune to tragedies so its better to invest in insurance. Its very safe to have one because you may never know how costly the expenses could be when an accident occurs. This is how insurance works:
Every month or year you pay premium which is just insurance lingo for a fee. Then when an incident that falls under the insurance policy occurs,the insurance company has to compensate you for the loss that has happened and pay you enough money to repair your loss. An insurance plan is like a safety net for your future emergencies.
3) Emergency Fund:
Emergency fund is money that’s been set aside to cover unplanned immediate expenses that come in your life. For instance,this money may help you for a few months when you lose your job or something comes up suddenly which requires a fair chunk of money to be covered. This money basically is what you set aside for yourself that can be used for later date. Many bank and financial experts say that you should save at least three months worth salary in your emergency fund.
4) Retirement Plan:
Retirement Planning is very essential in order to have a financially independent life after you quit your job. You should save up for retirement as early as possible because the earlier you you will be able to accumulate large amount of money for retirement. A retirement plan is like a piggy bank for your old age.
6) Aadhar Card
Aadhar card is a very important document. If you don’t know its importance as yet, this is what you need to know about it:
1. It is a national identity proof which contains a 12 digit unique pin, your name, your gender, date of birth, address just like any other government documentt.
2. Using this card you can apply for a loan, apply for a bank account, a phone number and you can even transfer money to another person. It is a multipurpose card that Indian residents can use and they should carry it everywhere like they carry other cards in their wallets.
3. To further state its importance, I can give you an example: If a child is lost somewhere and cannot speak, by simply taking her fingerprints the government can identify her address through the fingerprints liked with her Aadhar card and take her to her parents.
7) PAN Card:
Anybody who owns a taxable income needs to have a PAN Card for financial transactions. PAN, or permanent account number, is a unique 10-digit alphanumeric identity given to each taxpayer by the Income Tax Department. PAN is mandatory for financial transactions such as receiving taxable salary or professional fees, sale or purchase of assets above specified limits, buy mutual funds and more.
If you still don’t have any of the above life essentials, then its time you get them. For any further details or questions about list above, comment and let us know.