Financial Planning

Today salary is credited in my account; feeling relaxed!!!

 I will never forget December 2012 in my entire life as I have learned many new things regarding money matters and financial planning.

• First thing I learned that how to manage daily expense in case of almost zero account balance. Although it becomes easier for me because Sodexho coupons and bus fare are monthly deducted from my salary. So during the entire month there was almost nil cash spent on daily travel and food
• Second thing I learned that during financial crisis mind becomes very stable. Last month not even a single moment I thought about buying anything ;-)
• Third thing I learned that it is very important to plan for tax saving in advance. I waited till last moment and now I am struggling in finding out the right tax saving plan for me.
• Fourth thing I learned that it is very important to open recurring or saving account apart from the regular salary account. I opened it early last year and almost forgot about it and now that account is helping me in investing in some tax saving plans. Otherwise things would become more difficult for me when I have to submit the investment proofs.

BTW I have no regrets for my almost zero account balance as my entire four years savings went in buying some stuff :-)

I firmly believe that money is not everything in life,but YES it is very important in sustaining a decent life. So it should be planned and invested in a right manner!!! The last minute rush can lead to mistakes and strain finances…. 
Sometime back I read the following article about the need of financial planning for women. I found it as an eye opener at least for me...

Take Charge! - Women and Financial Planning

Women need to plan their finances as much as men do. But many women delegate their financial management to their spouse or other close family members. They restrict themselves to routine money management duties, like paying bills and making small purchasing decisions.
 Women also need financial planning with some additional considerations, because women live longer and take more breaks from the workplace to care for children and elderly parents.
 Here are the most important things women can do for themselves and their financial future:

• Don't be dependent on someone else for your financial management. Educate yourself about money management and investing. Take your financial future into your own hands.
• Don't let the fear of losing money, fear of failure, or fear of the unknown stop you from investing. Learn from your money mistakes. 
• Be involved in the day-to-day management of your family's finances, and talk about money with your spouse.
• Set goals - it's key to financial success. If you don't have specific financial goals, it's more difficult to resist spending money on items that don't really have any meaning to you.
• Don't use money to make yourself feel good. This gives you a temporary high which will be short-lived.

(Source: The Financial Planning and Wealth Management Newsletter, December 1, 2012)