How to get rich: 8 smart money moves to enrich your finances in 2025

How to get rich: Anyone can get rich. All you need is to know how to grow your wealth and keep it going. By investing wisely, managing your money well, and continually reinvesting your money, you will see your wealth grow over time. Developing smart financial practices for 2025 may be what you need to improve your financial situation. No matter your financial goals, whether it’s planning for retirement, paying off debt, or building a large emergency fund, setting achievable financial goals is the first step. Livemint spoke to industry experts to share smart money moves to improve your finances and become even wealthier in 2025.

1) Budgeting

The 50-30-20 rule, which says you should allocate 50% of your spending to essentials, 30% to discretionary spending, and 20% to savings and investments, is a great guideline.

“Use a budgeting application to monitor your spending, identify wasteful spending, and make sure you don’t go over budget. Track your spending and differentiate between essential and unnecessary spending.” , suggests Gaurav Gunjan, Partner at Gupta Sachdev.

2) Investment strategy

For short-term purposes, choose lower-risk investment options such as bond mutual funds or term deposits.

“For sustainable returns, you should focus on direct stocks, equity mutual funds or retirement funds like NPS,” said Kuljeet Singh.

To stay on track with your financial goals, Kuljeet Singh, director of finance and accounting at GI Group Holding, advises reviewing and adjusting your portfolio frequently.

3) Emergency fund

Build an emergency fund by putting away 6 to 12 months’ worth of living expenses in a high-yield savings account.

“Set up automatic payments to ensure asset growth and the stability of your emergency fund,” advised Kuljeet Singh.

4) Debt management

Financial experts advise focusing on paying off high-interest loans, credit card bills, and personal debt to avoid unnecessary financial strain.

5) Financial planning and education

Avoid investments that encourage rapid investment or provide abnormally large returns.

Gaurav Gunjan advises, “Adopt a cautious and knowledgeable approach to investment opportunities.”

6) Tax planning

To reduce your tax liability and maximize your deductions, consult a tax professional.

7) Insurance

To protect your financial well-being, make sure you have adequate life, health, disability, and liability insurance.

8) Avoid poor lifestyle habits

“Avoid lifestyle inflation and prioritize savings over excessive spending,” recommends Gaurav Gunjan.

By implementing these smart financial practices, you can take control of your money and work towards a safe and sound financial future in 2025.

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Disclaimer: The views and recommendations expressed above are those of individual analysts and not of Mint. We recommend checking with a certified professional before making any investment decisions.