When you have your eyes set on your financial goals, compromise is not an option. However, achieving these goals demands extensive planning, monitoring and execution. As we celebrate India’s 71st Republic Day, let us learn to adopt a defined goal, intricate thought process, endless discussions and attention to detail to help us frame our very own roadmap to achieve our financial goals. In today’s credit consumer-first environment, loans play an integral role in helping you realize your financial dreams in a faster and cost-effective way.
And if you want a sustainable roadmap for financial success, here are a few steps to get you started on your credit journey or just get back on track.
Define your goals
If you have ever looked at someone else’s achievements and thought that you should take a page out of their book, don’t do it. While motivational books may inspire you, a “one-size-fits-all” approach doesn’t work for everyone, especially not in the financial space or credit landscape. Each of our dreams, life goals and milestones are different, specific to us and our circumstances.
Set your own pace, define your own credit goals, and be realistic about it.
Plan and decide your milestones
On average, we have 50,000 thoughts on a daily basis, establishing our thought process as a very intricate one indeed. Now, not all our thoughts are logical ones or towards a reasonable end. Thoughts can only become actions if we plan, decide and act on them.
If your goal is to send your parents on a world cruise, will your savings be enough? Or are you considering a personal loan? How much of a credit line can you afford and what is your loan eligibility? You need to have a definitive plan in place before you embark on a credit journey with only the end goal in sight. Timelines and approach are the keys to defining achievable dreams.
Pay attention to the details
In the credit landscape, you cannot afford to take an uninformed decision. Pay attention to the details in lenders’ credit policies, look at the discounts available, and check your eligibility yet again. In addition to this, pay attention to the details in your credit report and score. Be mindful of what lenders may look at or scrutinize, and what you need to improve. Monitor your CIBIL Score and Report and work towards improving your credit profile so that you are loan-ready when an attractive loan opportunity arises.
Take a step back and reassess your journey
Every great plan may meander from its true course, but it is essential to take stock of potential obstacles and tweak your financial plan, as and when required. That may mean evaluating your goals at specific intervals, checking your credit journey regularly, or ensuring your EMI to income ratio is in sync with the rest of your financial obligations.
Take carefully informed decisions to maintain a positive credit profile and demonstrate healthy credit behavior so that you have access to credit whenever you need it the most. Remember that good credit behavior can impact your credit profile and play a key role in getting access to loans and credit. Stay credit-conscious and get started on framing your very own financial and credit roadmap today.
VP and Head of Direct-to-Consumer Interactive, TransUnion CIBIL