- Date : 10/01/2017
Though our academic education is very detailed and gives us an in-depth knowledge in a number of fields, some key aspects of life are left out. Money management is something that is very unfamiliar to the majority of us. As we progress in life and make leaps in our careers, the importance of money management becomes very clear to us. Having a well-planned financial structure helps us out in a number of ways:
- Securing the future:
The way you handle your money right now decides whether or not you would be able to go for that foreign trip that you always wanted, or provide for your child’s education or even buy your own house. A good system of investments and savings plans would guarantee a happier future for you and your loved ones.
- Reduce binge-spending:
If you don’t have a monthly budget, you tend to have a lot of surplus money which you spend on things that aren’t really necessary. Having a premium deductions and investments to cover every month would give you a lot more discipline in terms of what you spend on. If you want to be responsible on financial matters, an investment or an insurance policy would be a great way to begin.
- Avoid unnecessary bill charges and fines:
A lot of services and payments are time constrained meaning that in case of late payments, you might be required to pay some pretty hefty fines. Credit card bills are an excellent example of payment which usually skip our attention and end up ballooning over time; an outstanding payment of Rs. 15000 for a period of 6 months would require a late payment fee of approximately Rs.2 500 and this amount would keep double every 3 months.
- Peace of mind:
You work so hard to attain and maintain a certain lifestyle. Your savings ensure that you can maintain the same standard of living throughout and continue to be able to spend on the things you love. However, maintaining an emergency fund is extremely necessary to cope with unforeseen expenses. To do this, you need to make sure that you begin managing your money as early as possible.
While we understand that money management is not something that happens easily, getting organised with your finances is something you shouldn’t put off. The following E-Book will guide you on how best to handle your finances in the most beneficial way possible.