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Five money mantras every Indian family needs to know


Most Indian families, sport a love – hate relationship with money management.

So here are five money mantras, which will change your relationship status from ‘it’s complicated’ to ‘happily ever after’ when it comes to your money.

1.      Feelings can be expensive

Make sure that when it comes to money matters, you use your brain, and not your heart. Being sentimentally attached to certain practices or being superstitious before taking a leap forward, will all cost you a hell lot of a money.

Emotional shopping and addictions come under this category too.

2.      Ditch ‘Hope’

Hope is not a budgeting strategy. Neither are miracles, accidents and magic. Budget and invest, relying ONLY on facts and figures. Buying things you cannot afford, and then believing that you will be magically able to pay them, will only pull you deeper into a financial crises pit.

3.      Finance Goals and Life Goals go Hand in Hand.

It doesn’t matter if you want to get up the corporate ladder to reach a dream career, or the coveted PhD that you’ve always wanted – a marriage or kids – whatever your life goals are, you need to plan it financially so that you do not get devastated and heartbroken later.

4.      Instant Gratification is The Source of All Evil.

Patience is the key to wealth.

Yes, you might be tempted to get on an emotional shopping spree and eventually fall into a credit debt – but remember that delayed gratification will be the guardian angel to your finances. Start saving early, invest long term and make sure that you budget every tiny financial activity at home. 

5.      Gold is NOT an investment

There are heaps and heaps of articles, by coveted financial experts on this topic – so we’ll just get it summarise it in one line as follows:  The chances that you might get hurt, rises exponentially with Gold price.

WRITTEN BY: BALAKARTHIGA.M

READ ALSO: Five financial milestones in your children's life

READ ALSO: To save or to invest

Five financial milestones in your children's life


Kids are expensive. But the good news is, you can budget for much of these initial cost if you plan properly. Here are five milestones in your kids’ life that you need to be prepared for. 

1.       SCHOOL

You’ve heard several jokes about this, but we cannot insist on the impact your child’s schooling will cost you, right from kindergarten to high school.

It’s not just the school fee that’s gonna take a toll on your wealth – it’s all the supplies like books, stationery and bags.

And so if you ever hear that you should start saving and querying for KG admissions while your wife is only pregnant, know that it’s not just a joke, but a deep practical crisis!

2.       POCKET MONEY PHASE

The biggest myth is that your child asks for pocket money only when they’re teens.

Wrong!!

It’s found that your child might expect you to give them some kind of allowance or the other right from the age of 10. But don’t cringe, and don’t be stingy.

Giving your child pocket money can teach him about handling money, but you need to be consistent with it and also monitor what they do with all the cash.

3.       COLLEGE

Although every parent likes to believe that their kid is a genius who will get into IITs and IIMs, it is hard truth that college will cost money. Tuition fee, hostel fee and what not!

Beginning to save for your child’s college when they’re still in diapers might sound silly, but given the cost of education, it really is never too early.  

4.       FIRST VEHICLE

Yes, it might have seemed like only yesterday that your little princess was wandering around the neighbourhood in her little bicycle with trainer wheels, but all of a sudden she’s now 17, and wants her own car or scooty!

Apart from the vehicle itself, getting the first wheels for your kid is a financial milestone cuz it’s going to be quite expensive, but there are the ongoing costs including gas, insurance, maintenance and the seemingly inevitable accident.

5.       FIRST JOB

When your child gets their first job, it’s more than just a source of income for them. Remember that it’s also a good way to learn how to work responsibly, how to get along with a variety of people and how to manage newfound wealth. 

If you help your children with a budget and savings plan, it might be a way to earn money that can get into a healthy financial plan for their future.

READ ALSO:  FINANCIAL MANAGEMENT FOR TEENS

READ ALSO: MAKING YOUR CHILDREN FINANCIALLY INTELLIGENT

Written By: BALAKARTHIGA.M

Financial goals for your 30's



If 20s are the best time to build a strong financial foundation, then your 30s is the best time to start making your wealth grow.

1.       Getting Rid of debt

This means your student loan, your credit card bills, your car loans and any other debt. The idea behind this is to get rid of those high interests and setting yourself on an interest-free life. It not only makes saving much, much easier, but also makes you feel so much lighter!

2.       Investing Wisely

At your 30s, your portfolio must look promising. Learn more and read extensively about investments, and make sure that you consult the guidance of a financial advisor or any other investment professional.

Remember, investments are the best ways to increase your savings.

Read also: Get motivated to save

3.       Saving For a Home

This is the key step to get up the property ladder, and your 30s is the best time to start thinking in this direction. Saving for a home takes a lot of time.

Make sure you carefully plan this budget so that you end up feeling satisfied.

4.       Career and Retirement Based Decisions

Solidify your career goals. Plan your retirement and work towards saving for the said plan. You might have plans to advance your career so that you can get earn those extra bucks, and attain self-actualisation – but having a strategy will help your stay motivated.

Your financial goals in 20s are a great way to get started on being money-wise, but your 30s is the times to grow.

One important note to remember is that the financial decisions that you make in your 30s might haunt you in your 50s.

Keep that in mind as your sketch and implement your wealth strategy for your 30s!

Read also: Five money habits you need to master

WRITTEN BY: BALAKARTHIGA.M

Planning your wedding - The Finances



The economic differences that are seen in an Indian wedding are just as diverse as the social and ethnic backgrounds that are found throughout the sub-continent.

It doesn’t matter if you’re planning for a big fat Indian wedding or just a simple, budget-friendly ceremony – we’re going to give you a few tricks and tips that might help you have a more financially efficient wedding.

1.       Get Contacts

The first thing you need to do, is to collect a big fat set of phone numbers. This should include banquet halls, caterers, party planners, musicians, stylists, etc. Now, unleash your spread sheet skills and compare the different options that you have.

2.       Guest list

Before you create a budget, you need to know what your incurred expenses might be. For this, draw a list of expected guests. If you’re into a more budget friendly wedding, just add close friends and family to the list. Remember the cost of the food, hall and other factors of the wedding are directly related to the number of guests you have in the list.

3.       Smart Shopping

The very idea that you are getting married might cast butterflies in your stomach, but don’t let that splurge your money emotionally. Be a smart shopper, see what your alternatives are and carefully choose.

4.       Be Creative!

Probably one of the coolest ways to cut down a lot of expenses is to get creative!

Use DIY techniques, let your imagination run wild, and implement lateral thinking.

You will sure as well cut down a lot more cost than a professional would.

Yes, wedding planners are becoming quite famous these days. Even if you are planning to hire one, don’t forget that knowing the expected and incurred costs of your own wedding cannot do you much harm!

Read Also: Discussing finances with your partner

 

Written By: Balakarthiga.M