Budgeting for more money

Most of the time we don’t get an opportunity to do a planning for monthly income & expenses as expenditures are on continuous basis and demanding.  The process of doing a planning for expenses based on monthly income is known as budgeting. If we do budgeting it is possible to meet our needs even if the income is limited.   Type of family expense The expenses in a family have two parts – variable and fixed. The variable expenses can be decided upon whether to incur or not but fixed expenses has to be incurred in any situation to maintain …

Retirement Planning for peace

An individual cannot work perennially to earn his income, especially the salaried class. Therefore he or she has to do retirement planning while young and active. Retirement planning is very important for peaceful life post-retirement. What is Retirement Planning? Retirement planning is a process of creating a fund over a period of time which will give desired income after retirement. There is a method to arrive at the estimated income that you would reach at the time of retirement, based on your current income. Once you arrive at the pre-retirement income, you need to calculate how much money you need …

Financial planning for wealth creation

In any sphere of life, prior planning helps to get maximum results. Our personal finance is no different from it. Therefore financial planning is very important for wealth creation. Before we discuss financial planning, let me describe the 5 (five) financial life cycle of human life. The Alpha stage In this stage an individual starts earning an entry-level income. He or she is young and has just started earning a regular income. The expenses in this stage tend to be just about as high as income, leaving small surplus funds to save. The Bravo stage  In this stage he or …