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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.


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!


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


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.  


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.




Discussing finances with your partner

If you think that romance is the most uncomfortable thing for Indian families to discuss – I’m going to tell you that you’re wrong.

It’s money.

People in general do not want to talk about money – because it’s awkward and embarrassing.

However, when it comes to couples - they do not want to talk about money for two major reasons. One, when one of them brings the topic of money into discussion they might fear that the other might think of them as a greedy, selfish and money oriented person – and the question of ‘unconditional’ love might come into play, making things take a wrong turn.

Second, men don’t want to discuss money with their women, because no matter how many times they deny it, there is still a portion of male ego attached to the very concept of money!  (It’s a question of empowerment and who has the upper hand in the relationship.)

While most couples fear that talking about money might bring a rift in their relationship, financial experts suggest that your relationship might be at a threat, if the two of you do not know how to manage your finances or are at a difference with your financial principles.

It is ABSOLUTELY necessary to talk money with your spouse, and it need not be awkward and rigid. Follow these instruction to have a casual insight on where you’re both headed when it comes to your financial wealth.

So, here are some tips to talk to the one person you love, about the one thing you don’t want to talk about, but have to!

1.       Set your goals

This is the most important step towards getting to know each other. Sit down with a cup of coffee and discuss when you want to get married, have babies (or an expensive pet!), buy a house or on how many branded vacations you can afford in a year.

If either of you have educational loans, or are planning to study further, discuss that too.

Remember, children are expensive. So are cars, houses and PG degrees. It’s easy wanting to have these things, but it’s essential that you are both involved in the process and support each other.

2.       Family Commitments

The relationship you share with your partner’s family is just as important as the relationship that you share with your partner themselves. Do either of you have siblings that depend on you for their educational expenses? How much of your earnings do you plan on giving to your parents?

Think the other way around, too. Are you still getting money from your parents and siblings? If so, what do you intend to do with this extra cash flow?

Giving and getting financial help should appear in the talk and you must be able to appreciate each other’s decision.

3.       Principles

One of the most infuriating things for a child to undergo is to have parents who are at the polar sides with the way they manage money. Having a father who casually gives you fat checks for pocket money and a mother you budgets strictly is going to give you mixed feelings about how you perceive money. If you have children, make sure that you and your partner discuss money with the child together. 

And for heaven’s sake, don’t end up arguing and getting into a fight over money in front of the child. Sort out your differences before you sort out your child’s doubts and misconceptions. If your sixteen year old daughter asks you why you can’t pay the capitation fee for her medical education, you need to tell her if it’s because you can’t afford it or because it’s against your principles.

So yes, talking money with your partner might not be romantic, but hey – neither is watching you relationship fall apart because you don’t know how to.

In fact, the more you discuss about your finances together, the more you will get to know each other and respect each other’s goals and principles.

So shove off the horoscopes and the romance meters.  

Check your financial compatibility with your beloved, before taking milestone steps with them. 

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