Money management can mean gaining control over spending, both in personal and business perspective. It is the process of managing money which includes budgeting, saving, investments, tax, etc. Many personal financial advisers and investment managers put lot of emphasis to help clients manage their money that is being invested or saved. So, every individual must learn money management from their young age, as it is his/her responsibility to give financial assistance to their family.
When you are young, ( say your age is between 23-35) you may be learning or building base for your future earnings. If you start earning from this age, then make a habit of saving regularly by investing in SIP or term insurance. This gives a benefit of power of compounding.
When you are 35-45, start your personal financial planning. Create a budget and stay on it. At this stage, you and your money should work hard. Apart from SIP, start investing in big equities or commodities. If you don't know how to invest, research and learn about investments for creating wealth. Remember that you must invest wisely, so be careful before investing. Also decide where you want to stay after retirement. So, get started for retirement planning.
When you are 45-55, by this time your money must grow and you will be withdrawing your invested money for needs like child's higher education or child's marriage, etc. This is the time when you consider about your retirement. After this age, you may not get a job, so think much about future retirement. Try to earn and save as much as possible. After retirement, you will live happily with your good amount of retirement income. Learning money management and concentrating more on career from young age is very important for every individual.
When you are young, ( say your age is between 23-35) you may be learning or building base for your future earnings. If you start earning from this age, then make a habit of saving regularly by investing in SIP or term insurance. This gives a benefit of power of compounding.
When you are 35-45, start your personal financial planning. Create a budget and stay on it. At this stage, you and your money should work hard. Apart from SIP, start investing in big equities or commodities. If you don't know how to invest, research and learn about investments for creating wealth. Remember that you must invest wisely, so be careful before investing. Also decide where you want to stay after retirement. So, get started for retirement planning.
When you are 45-55, by this time your money must grow and you will be withdrawing your invested money for needs like child's higher education or child's marriage, etc. This is the time when you consider about your retirement. After this age, you may not get a job, so think much about future retirement. Try to earn and save as much as possible. After retirement, you will live happily with your good amount of retirement income. Learning money management and concentrating more on career from young age is very important for every individual.
Related Links:
Personal Financial Planning
How To Save Money
Personal Finance India
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