2. Financial Planning:

This is the next logical step. With a well planned budget, one will be able to save up enough to plan their finances. Set your goals clearly, if it is a new vehicle, house, a tour. Then split them into short, medium and long term goals. This systematical division helps us figure out how to plan finances at different time periods. Review your goals periodically and check whether you met your goals, if not then change your plan.

3. Be ready to meet the unexpected needs:

While planning your financial resources always have it in mind that you must always be ready to meet the unexpected expenses. Just like the contingency fund of India on must have his/her own contingency. This could be a health emergency, child’s education, etc. This also needs to involve post-retirement funds. It is highly advisable to save for the retirement early in one’s career.

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