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Managing your finances is a big deal in today’s world of filters and flexes. Everybody wants
to be a perfectionist , wants to see their life as they see on social media comparing
themselves and their goodies with that of the influencers but they forget the fact about all
that being sponsored
Today I am writing this blog for those having an average income ie are freshers ,bachelor’s
or among the less income group or may be even the riches.
First if you want to to achieve your financial goal or you want to manage your finances
smartly you have to define your definition of smart finances or or your financial goals .
You have to make financial goals according to your needs and wants and should make a
sureshot break through plan to reach that goal.
Today’s biggest problem in managing finances is that people don’t budget things and buy all
that they like and spending more than they should and end up saving nothing or sometimes
even end up being in debt .
No problem about it all this happens to everyone and remember mistakes are our biggest
teacher they teach us anything to everything we should know .l,but we should realise our
mistake and should be keen to learn
So here are some important you should know to manage your finances smartly .
-Always differentiate between your needs and wants
People these days tend to buy things which they don’t even need and won’t even use it after
buying but tend to buy it because they think they need it ,so to overcome this problem you
need to identify and wants again all the amount you should spend depends on your financial
goal but generally you should not spend more than 20-25 %on you wants
-Save before you spend :So personally this rule is very helpful for me it work for me because
I just can’t resist myself to buy anything l like but also have to save money .so let’s
understand this with an example so suppose there is a guy Aman
who have a monthly of Rs 60000 after all deductions and wants to save at least Rs 24000
but just can’t do it because he ends up buying things which he likes .So to manage his
finances what he does is that he has subscribed to a monthly salary of Rs 24000 so what
happens is that the day Aman gets his salary Rs 24000 are deducted of his salary
automatically and don’t need to worry about his savings for the rest of the month .
(SIP- it stand for systematic investment plans which is a full fledge personalised plan broken
into small monthly installments for your convenience and your personalised financial plans.)
-Become conscious about your finances: you see nothing can help you if you are not
conscious about it. Firstly you need to see what you are doing with your money and where is
it going . May be you’ll find out that you end up buying things which you can’t afford like
car/vehicle, gadgets, clothes, shoes etc all on your credit card or EMI but you don’t feel the
thing that all this is marketing trap lead by those credit card companies and those shoes/
sneakers brands ,personally this is a viscoous cycle in which you enterjust very easily but it
is very hard to take a exit from this cycle of credit card debt and habit of buying things that
are marketed the way you should but it by the smart marketers .
-Investing : now you have learned about saving money but managing finances is not only
about that now you have to invest it ,invest your money in places where your financial goals
are not compromised and you can invest your money in many instruments like mutual funds
,real estate ,index funds,cryto etc.but make sure you first research well about mutual funds
and other instruments .Remember the saying that “Mutual funds are subjected to market
risk”it’s very true so analyse every possible aspect before investing .
One another very important place where you should invest religiously and where you ll get
the highest possible return is investing in yourself, be it anyway physical health ,mental
health,your skill developement or communication skills ,anything which makes you better as
a person investing in that will give you the best and the highest returns not only financially
but also physically and mentaly.
Hope these small changes will help you manage your finances well and make you financially
prosper .
Signing of

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