To face every part of life we need planning. But our all plans are based on money, for example, How much money should spend on marriage people always wants a grand marriage because it is done once and it is connected with the emotions of your every relation. That's why every individual must require Financial planning in life.
Now I will tell where effective planning should be made.
➤ Home budget
It is most necessary and the most important thing for every individual and Financial planner too. Every financial planner will ask you for the monthly budget because based on your budget they will the plans accordingly. Home budget/ household budget includes the bills of electricity, maintenance and rates, fruit and vegetables, stock grains, milk and dairy products, medicinal, Sanitary products, Parking and other home expenses. Also, it includes the expense like Loan EMI (both personal and home), insurance fees (both medical and life), school and tutors fees, Travelling, vehicles maintenance, shopping, holiday trips, and the festivals. There is a famous saying in the Finance industry that Housewife is known to be the first and best planner for its family because they know to manage the above household expenses and family. Even nowadays banks are providing loans based on the household budget to know how much your saving money can afford EMI accordingly. Our grandparents saying that satisfaction is the best wealth and a satisfied person is a wealthy person. They directly meant (which I am will also recommend) that except the necessary bills we should control our expenses. I have mentioned below some topics where you need effective planning.
➤ Child Education
There is famous line in our Indian ved that "विदेश में हमारा सम्बन्धी है हमारी विद्या और हमारा ज्ञान जो हमे एक सच्चे मित्र की भाँति हमारा साथ नहीं छोड़ते जो हमे हर परिश्थिति में हमारी सहायक होते है।". You always want your children should get a better education in well-recognized universities, you always want they should get the best knowledge or want to see him successful with his inner skills and talent. Therefore we send them to private and famous schools. We send them abroad for the best education. That's why that schools and colleges charge the higher fees, also charges donations, which results in Education expenses becomes costly. In India, no one wants to send their child to government schools and colleges but everyone wants their child should get a certificate which should be government recognized. That's a strange but true fact. However to tackle the inflated education expenses we need planning. Nowadays married couples make "Family Planning" with believing that first acquire the powerful savings so then they can face expenses that would occur after having a child which is correct. I will strongly suggest that every couple should have family planning so they would have better health and welfare policies. I would recommend that everyone should forecast the higher education and post-graduation expenses and starting investing in minimal monthly when your child is in school this would be also helpful in the home budget and you wouldn't be worried in the future.
➤ Marriage
Marriage is the most important phase of life. A person is said to be completed when he is with his family. Family means that parents, Sisters, brothers, relatives, and friends. Every person wants to be complete for that he/she faces every needle problem in life. People of the UK or the USA or India, everyone plans for the marriage cost. People in the UK and USA have marriage in church. after that, they organize a grand party and then a romantic honeymoon. For all expenses, they plan accordingly. In India, people believe marriage is a festival that comes once in life. Nowadays there is a trend for destination weddings, people spend much on this wedding. Although Indian marriage considers the many rituals and events i.e Meeting of girl and boy, then "Shagun" exchange, then Ring ceremony, then Haldi ceremony, then sangeet and dance, then Devi / Devta puja, then marriage, then rituals and at last honeymoon. Also in marriage, we invite our all relatives and friends which are around 800 to 1000 people that can costs from around 15 lakhs up to crores. That nowadays event management companies come up with " Cost-cutting" plans or "Grand wedding" plans, which depend upon a person's capacity. I would like to suggest you start investing in Financial markets when you start earning, which will helpful for further. As at the time of the marriage we don't care about unexpected or necessary expenses. It is advised to take a suggestion from wedding planners.
➤ Vacation
If you just hear the word "Vacation" or "Holiday trip" the level of excitement in our mind and body is will be high. A person plans for the holiday trip just for three reasons.
1. Stress freedom
2. Family Refreshment
3. Wish and dreams
While working in the office for 365 days whoever the person it gets tired. Although having a passion for work, at whatever level of the destination we have, we feel some freshness wants to grow more passionately. Hanging with friends on weekends can give you enjoyment but to get freshness we plan holiday trips. We always think that we will make the big family trip once in life or me, my wife and my child should go on a family trip. Especially wives have always dreamed of family or a couple trips. Now, family groups, have a different choice that either plan for a spiritual trip or for places like Disney land or Meghalaya ghats or Tirupathi yatra. Before marrying every bachelorette wish to celebrate the bachelor party. Now they will plan for a holiday like for Los Angeles or Goa, couples plans for the holidays like Mauritius, Ladakh or in Paris. Boss, if you are thinking about one all the above trips kindly just follow my two-step -
1. First decide which type of trip you want, for how many days and with how many members should be cleared at first. Because it happens many a time on a family trip we go to tirth yatra and on trips, we also go there nearby famous places.
2. If you are planning to have trip within your country then you have to plan 3 to 4 months ago before trip but if are planning to have trip outside your country then you have to plan two years or three years ago (it maybe took 20 years depends upon your trip also if you are planning after retirement). Vacation will make you compulsory to invest your savings in the Financial market to have the best trip.
➤ Retirement
➤ Loans
I have also told in my previous blogs about loans. Now loans are various types like business loans, car loans, personal loans, home loans, education loans, Medicare loans, liability loans Etc. Loan in very simple meaning is when you don't have money and you have liabilities or your personal desires on your head you took a loan. I have suggested in my previous blogs how to manage the loans or should we have to take loans or not I will also suggest now don't take a loan unless you need very hard. Also if you are taking loans, then make sure by yourself its EMI should not be more 25% of your savings, a maximum of 35% not more than this ratio because loans give Clocky remainder of your debts which can cause you towards "Depression". Depression is the evilest foe of nonfinancial transactions which are higher in qualities than Financial transactions.
Conclusion
This was the 6 important point where you have to be alert before making decisions. Remember perfect Financial planning boost your growth and makes you powerful to tackle anyone even in inflation.
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