Whilst beginning our financial journey, we need to inculcate a meticulous saving habit. “But I do save for the future and also invest my money in various investment avenues, such as NSC, PPF, mutual funds, insurance and equity, along with some tax-saving products,” is what most of us say. And it’s true. However, it’s also a fact that very few of us adopt a systematic and planned approach to managing our finances.
This leads to an ad-hoc, casual and haphazard attitude to handling of finances. Such an approach could result in erosion in the amount of capital that is invested and, instead of a wealth build-up, it can lead to a deterioration in financial health. Worse still, an unplanned method of investing could culminate in having to cut back on aspirations leaving some or most dreams unrealised.
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