Financial planning is not only obligatory country-wise, but it should also be undertaken within every family. It doesn’t matter if you are single or married, planning out your expenses is absolutely necessary.
Our FM Nirmala Sitharaman just came out with the Union Budget in parliament and she has sought to cut a lot of taxes for the common man, empowering the middle classes whereas our PM Narendra Modi is doing his level best to abolish absolute poverty. We must learn how to be financially literate from our able FM and run successful and profitable households and companies.
If you are a working person you have to plan your finances out very cautiously- and even if you are not, you have to think about how to expand your incomes so that you don’t run into a loss permanently.
Your average monthly income should be able to sustain you for the entire month, but many of us run out of cash sooner than a month so typically. You must always cut your expenses so that you don’t have to face loss after loss in your monthly savings. You must try to reduce your medications, ensure that you live healthily so that your medical expenses do not hit the roof- you must eat home cooked meals in order to curtail your daily dining expenses. The best way to reduce expenses is by living a healthy life so that you don’t have to visit doctors and your hospital expenses are also next to nil.
Many married people do not plan out their children and end up producing too many offspring and then they find it too hard to sustain their entire families. Many unmarried people spend too much eating out as they refuse to cook and clean at home entirely independently. The maids and cooks they employ demand a lot of money and they also expect a lot of freebies once they start working in their respective families. Running a country’s finances and running your own home profitably is quite challenging or so one feels and thinks.
Planning your finances and living within your means is a prudent step that we all must take discreetly. As a child, you must have learned how to run a family just by observing your parents and older siblings- once you grow into adulthood, you are expected to take over the reins fruitfully. There are many of us who run households that are not profitable and not sustainable either- we must correct this behavior in time and run our homes efficiently.
The most compelling decisions you can ever take are to run your home efficiently ecologically- reduce the waste, recycle it, reduce the Carbon footprint in your household items and reduce your excessive consumerist activities radically.
Financial literacy is an important facet of our lives, and most of us, especially us females, should also learn to be independent financially. We must always save a certain amount monthly, and we must spend thriftily.
We always emulate Americans, and most Americans run their households without any househelps, maids or even cooks so efficiently. But back here in India, we need help in the kitchen, in our flats and in our bathrooms and toilets also so awkwardly.
Apart from running your households profitably, you should also tutor your children financially. They should learn to be frugal, save monthly and live within their means also additionally.
Many people pay through their noses in order to live opulently and majestically- is that really necessary? Is the area you live in so important that you have to spend tonnes of money just to fit in? Is your status quo even more important than your financial condition, most abysmally?
Even in India, where previously money or financial independence was considered taboo, we all Indians have now learnt how to earn and live for ourselves entirely. Financial independence is not only imperative, it is absolutely essential for everybody.
The ideals of poverty and its attached nobility should be demolished from the collective Indian identity. Earn more and yearn less- study and work more, beg less- these are my current ideals with which I plan to live and sustain myself and my family.
Live and let live should be our motto to live life sustainably. Financial prudence and inclusivity are categorically some ideals that we should help propagate and spread ardently.
