” Can money buy happiness? ” a bizarre question to debate on. I am sure you have had a tiff over this with someone or the other. Comment below what do you think about “Money”. For your reality check, Yes! Money is important and about happiness that’s a long drawn debate. In-fact money is very important considering the conventional world.

The basics of life comes with a price, nothing is free for humans. To survive you need food, shelter, electricity, education, healthcare, etc. Money is necessary for affording your livelihood hence understanding of personal finance becomes essential. It needs to be handled with great responsibility and planning.

Why is it important to earn? While reading I came across a quote “Money can’t buy you everything, But poverty can’t buy you anything.” You are born with a reason and a purpose. To live and to fulfill the purpose one needs to earn. Earning money should be a life goal as a priority. Everyone needs to be financially independent. If you are saying that money is not everything then you must be saying because you have sufficient money for your living.

This is your life but you may often find it driven by others. Either you are dependent financially on them or you have given the liberty to live on your behalf. Financial dependency by default allows others to make choices for you & your opinion doesn’t matter. Freedom is very tempting and financial in-dependency gifts the freedom to live on your own terms. Your wishes, goals, wants, dreams are valued. You are the decision maker, and you make your choices. But before you attain that financial freedom you need to go through a process and learn to handle your money.

No one wants to be poor at any stage of life.

Think of a baby who has first learnt to walk, they achieve some level of mobile independence. They are no longer dependent on their adults to carry them to get from point A to point B. However, the long walks are tiresome. So, they have just learnt the skill but on the longer run they need guidance.

To be ready to face the worsts in life some experience and guidance is important.

Now, there is a new college graduate who has been placed at a prestigious firm. The first salary he spend on treating people. The second he spent on shopping clothes and treating himself. The third he spent on trip and so on every month the salary was credited he planned his expenses. One day he met with an accident and then he had no money to visit a doctor or get medicine. He was dependent on his parents for his treatment. What did he not plan? Savings!

It is recommended to save a minimum of 25% of your income, invest in good plans, get yourself a medical insurance and plan for future. Because you may be rich today but who knows what comes tomorrow…

Are you planning to ensure that you will always have enough money ?

To accomplish bigger goals you would need a lot of money. Like buying a car, a home, higher education and buying assets. Once you are clear about your financial goals, major steps are to be taken to plan the savings accordingly.

While you are young & efficient you can work 24*7 to make money but labor cannot be lifetime. Just like living in present is important, thinking about future is equally needed. A well balanced life is something we are aiming at.

If you start saving now, you will enjoy your money in this lifetime but if you keep savings for later then the time you lose can be very expensive for you, The sooner you begin saving money, the more your money can work for you.

Finances are a huge source of stress for people. It can lead to negative mental and physical health. Having a lot of money is also stressful as you may fear of losing the wealth. However, financial stability means less stress.

It is seen for the dependent wife that they are dominated by the earning member of the family. You may beg to differ, but it’s a fact that you need to ask for every little thing you need in your life if you are not working. So, you should utilize 24 hours for productive work wherein you can earn to deal with your own expenses. In conventional world to run a family it’s beneficial if both the parties are earning. You share expenses of your partner.

It’s a habit to develop, the hunger can keep you moving and work for your purpose.

There is no dearth of work, you can teach, cook, deliver, work in an IT firm, counsel, be anything you are good at. No work is small, but have the vigor to have your own bucks so that you take the call what you do with your money.

Once you are financially independent, ask yourself the below questions and make a plan accordingly to save up the money you would need:

·      What does the realistic expense look like?

·      What if I don’t have a job or business after 10years?

·      Am I using a credit card and counting interest
not being able to pay on time?

·      How much am I saving?

·      How much debt is too much debt?

·      How much should I be spending on fun stuff?

·      Do I have a health insurance?

·      Am I investing in stocks correctly with proper market research?

·      Did I make long term savings plan?

·      How much money should I have in an emergency
fund?

·      How much do I need to save to go for trips and
the timeline?

Financial in-dependency is crucial and thereafter planning your finances will actually mend your life. You may earn a lot of money and still be poor or you may decide to save and live a rich life with the money you earn.

To conclude, Money is something you will always need !

It may be tedious, tiring and hustling to work for money but once you are being paid for your service or work it’s an instant mood changer. The idea is not to just earn money but to have money when you need the most.

Start your financial planning now !