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
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
READ ALSO: To save or to invest