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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.


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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


Pitfalls of Financial Goals

We’ve discussed the importance of financial goals in several articles now.

And now, it’s time we throw light on the common mistakes that people do when they’re framing their financial goals.

1.       Copying

Many people forget that Finance Goals aren’t college assignments. They simply cut, copy and paste goals from a very lousy stereotype. The first step to having intelligent financial goals is to know that you must frame your own financial goal, and not be a copycat because of what the society expects from you.

2.       Two Dimensional Thinking

An average Indian is judged from two main dimensions. His professional/academic background and his family. Over the years we have internalized a mass mentality that does not go beyond these two dimensions. And this is perhaps the greatest pitfalls of setting your financial goals.

The financial goals have to be customized. You are setting them for your life – for yourself. And no one must have any say in it than yourself. 

Remember, success isn’t two dimensional. You need to define what your goals are and think beyond the orthodox two dimensions.

3.       Not Being Realistic and Flexible

Do not over-estimate your potential. Evaluate your income and expenditure carefully before you set your goals. It is easy to get all excited and carried away when you think about the future, but you need to be smart.

Weigh the threats and the potential emergencies that might arise. Having a rigid goal, might break your wealth, but making it slender and adjustable will make your wealth adjust with changing times and grow healthily.

Do not forget that the future isn’t set in stone.



How to set financial goals

‘If you do not know where you are going, any road will get you there.’

These are the wise words of Cheshire cat, and we cannot tell you how accurate this is when it comes to financial management. If you have no goals in your financial life, you will be randomly investing and using the money as and when it comes. It can so happen that you might not be prepared for an important goal that’s nearby because you failed to see it and plan for it in advance.

Knowing where you want to go, is the first step when it comes to setting financial goals.

Try to set S.M.A.R.T goals.  Your goals should be Specific, Measurable, Achievable, Relevant, and Trackable. 


Stay away from generalised statements in your goal. Instead of saying that ‘You want to buy a house’ say that ‘You want to buy a 3 BHK apartment in Chennai costing around fourty lakhs in the next five years.’ This gives you a clearer goal to look at and will also help you get a clearer picture.


Quantify your goals. As we have discussed in the point above, it is important that you set goals which are measurable in terms of the money or time. Stay as far away as possible from the rough picture. If you can’t figure out how much money you’d need to attain a particular, chances are that you won’t be able to save for the said goal as well.

Making your goal measurable makes it easier to track and achieve.


Know your current financial status and your lifestyle. Design your goals in such a way that you are able to achieve your goals, even under your current situation. One of the major issues that most people face with financial goals is that they set very unrealistic goals.

Setting a lot of unrealistic goals, will only end up demotivating you.


The financial goals that you have in your life, should match your aspirations and your dreams. It is essential to establish that connection so that you stay motivated. When your dreams and your goals suffer a mismatch, there are high chances that it would become tough to sustain the enthusiasm and energy, because that’s not what you really wish to and even if you someday achieve that goal which you planned, it would make no sense whatsoever because it’s not aligned with your life objectives. 


Setting a time line is very important because you need to know how much it takes to achieve that goal. You will need to know how much you need to save each month, so that you can achieve your goal on time. Setting a time limit to your goal will help you stay disciplined and within your budget.

Thus, financial planning is all about setting goals, and managing your wealth in such a way that you reach those goals in time. Planning for a goal gives you direction and you will be able to look ahead in your financial life from that direction.