Financial planning is not a chore. It is a habit. And as they say, the best and worst habits are cultivated in childhood. We teach our kids the importance of good manners, hard work, education, etc. Then why not judicious financial planning? Financial planning is not yet a subject that is taught in school, but parents can very well inculcate habits at home that make the kids more aware and responsible with money.
Always start the month with a fixed amount: If you are not the breadwinner of the family, insist on a fixed amount to be given to you every month to manage the daily purchases. That way you can have the opportunity to save some amount for yourself or your family. Don’t just save up for children. Try to build your own corpus over time, even by starting with small amounts.
Planning your finances can be a daunting task, especially if you are not so aware of the plethora of investment options and services available in the market. However, financial planning is synonymous with life planning. In order to lead a stress-free and comfortable life, you must be sure about certain things; at least as sure as you are about receiving your next pay check. So how should you plan your finances?