Skip to main content

Financial Planning For Youth


When you are young and earning reasonably more, spending becomes an inescapable habit. There is no brake that can stop your consumerism from growing bigger when you have a credit card! Well, ‘financial discipline’ is the first condition for happy living and enjoying a tension-free, stress-free life. I thought I must show the ideal way with a few handy tips.




  1. Salary Split: Prepare a list of fixed monthly income and expenses. Keep that amount aside – reserved. On getting the salary, one must spare money for the compulsory instalments cycles like SIP (Systemic Investment Plan), PPF, etc. and also for the other recurring expenses like utility bill payments, domestic help salary, etc. Most importantly, put aside a certain percentage of your salary for the ‘unplanned’ expenses.
  2. Instalments: Avoid buying optional home needs like air-conditioner, television, washing machine, microwave, fridge, etc. on instalments. Try to save first and buy one by one. You will be more pleased and stress-free.
  3. Vacation Budget: Prepare a budget for a yearly, long vacation in the country/abroad. Save this amount for one year before making the travel bookings.
  4. Say “No” to buying to flaunt (Show off!): Do not purchase a car, a costly mobile, a costly camera or such significantly expensive items just for the show. Buy what you ‘need’ and not what you ‘want’. Do not succumb to the social pressure.
  5. Dual Income Couples: When both of the couples are earning, both should share expenses and both should save or your money will be lost to the control of others.
  6. Retirement Plan: Do not plan to work beyond fifty (even forty-five). So to say this, you will need investments that earn. Do see that.
  7. Home Loan: Only 15% (or 20% maximum) of your monthly (“take home”) salary should be shared for Home loan EMI – or you will end up compromising with the other pleasures and expenses of your life. 
  8. Bonus & Arrears: Unlike the unplanned expenses, this is the unexpected surprise income. Invest it immediately instead of spending it away! 
  9. Credit Cards: If you already have one most people do these days, use this Credit Card as an emergency help instead of regular means for spending. Keep away from this fashion and addiction of “swipe my card!”. Use Debit Card wherever required, and ideally withdraw by ATM and spend that limited cash you can.
If you have, by any choice, read this complete article, I am sure you have shortlisted your thoughts. You should now consider taking up at least one or two steps to plan your money. I know you follow many of these ideas already.

Till you strike the complete balance, Best of Luck!

----------------------------------
Read other readers' comments.
----------------------------------

Comments

Also popular this week:

Anavils - An Endangered Community

After Parsis, Anavils (Anavil Brahmins, અનાવિલ બ્રાહ્મણ ) are the fastest decreasing community. The total population of Anavils around the world does not exceed two lakhs figure and that is also fast reducing day by day. Days are not far, beyond a century or so, when they will have to be seen/found in records, photos and videos. Why?

Because,
   - they get married too late,    - many are dying unmarried,    - they wait for the career to be settled before the first (and maybe the only) childbirth.

Before Shirdi, Shivarimal and After Saputara, Shivarimal - Story of a School for Blind Children

We visit Saputara (the only hill station in Gujarat) round the year for pleasure trips. Similarly, the devotees of Sai Baba visit Shirdi frequently. For a change and possibly a better experience, I’d like to suggest you visit Shivarimal (a Free Residential School for Visually Impaired (Blind) and Physically Challenged Children), about 20 km from Saputara and 93 km away from Bilimora on Bilimora-Saputara road. Let me tell you my reasons for details.

My close friend Piyushbhai Dharaiya formed a charitable trust in the name of his wife Late Jyotsanaben and decided to donate the interest away, every year. I suggested him to visit Shivarimal School for Blind Children and experience the emotions of blind students. We finally visited this place on Sunday, February 16th, 2014 and the result is this introductory article.

કાર્તિકેય

કાર્તિકેયના જન્મની વાત

તારક નામ ના અસૂરે દાનવે દેવોને હરાવ્યા હતા. તેને મારવા માટે દેવોએ શું-કરવું તે વિચાર્યું તેને તારક ને મળેલા વરદાન મુજબ તેને ફક્ત નાનું બાળક દ્વારા બનેલું અને માર્ગદર્શિત લશ્કર જ મારી શકે એમ હોવાથી તેઓએ બ્રમ્હાનો સંપર્ક કર્યો. બ્રમ્હાના કહેવા મુજબ ફક્ત શિવ-પુરુષ દ્વારા ફક્ત એકલાથી પેદા થયેલ બાળક – ફક્ત ભગવાન શંકર જ આપી શકે ભગવાન શંકર ને મોહિત કરવા “કામ” ને મોકલ્યો પરંતુ શિવ તેને “ત્રીજી આંખ” ખોલી ને ભશ્મ બનાવી દીધો. ત્યારે તેમણે શક્તિ પાર્વતિ ને આજીજી કરી. પરંતુ આ ભગવાન શિવને પાર્વતિ મનાવી શક્તિ નથી. પરંતુ પછીથી દેવો અને પાર્વતિ ની વિનંતી ગ્રાહ્ય રાખી શિવ છ ચમકારા જેવા અગ્નિ રૂપે બીજ એટલે કે વીર્ય આપે છે તેથી કાર્તિકેય ને સ્કંધ (વીર્ય દ્વારા જીવીત) પણ કહે છે.

આવા શક્તિશાળી અને ઉષ્ણ બીજને અગ્નિને દેવો આપે છે. અગ્નિ બીજને ગરમ હોવાથી સાચવી શક્તિ નથી, ત્યારે પવનને આપે છે. જે વાયુ- પવન ગંગામાં પધરાવે છે ત્યાં પાણી ઉકાળવા માંડે છે અને બારું ના જંગલમાં આ વીર્યમાથી આગ લગતાં,બચેલા અંગારામાથી છ બાળકો ઉદભવે છે. માં માટે રડતાં તડપતા છ બાળકો માંથી છ માથાવાળું એક બા…

Karmic Theory (Law Of Karma)

“Facing Challenges and Creating Destiny” by BK Shivani, Gurgaon
National Conference on Mind-Body-Medicine, Mount Abu.
August 6-10, 2010
What is Karma?

Karma is work or energy going out in the form of 1. Thought, 2. Word and/or 3. Action. Resultant return of energy is in the same amount known as Bhagya (Destiny). The role of God is to ask you to do Karma and to help you to do RIGHT karma. Then whatever good/bad karma you do, the result is accordingly and entirely your responsibility. Because the result is Destiny (Bhagya). So don’t blame anyone else or God for anything bad. Do not try to blame someone responsible for your own deed and its result.

Rahul & Shivani's Wedding

Whatever smartness or intelligence one has, to anticipate the probable attitude of the future partner is difficult. So for the continuation of the marriage, adjustment and compromises are must, compulsory.



One has to marry because the law does not allow man-woman physical relations at random and society has laid certain norms of man-woman staying together. Though liberate present-day scenario allows live-in relations and physical relationship without much fuss, marriages are unavoidable.

Once decided to marry, the second question arising is the method – the technique of the wedding. How many persons to be invited, the place of the wedding, the menu and its preparation and the details of the function is the subject of this article.