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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

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