Sunil Chugh Financial Planner

At its core, financial literacy is all about understanding money. People who’re financially literate understand how to make use of money and to save money for their own economic gain.    Though this may look to be a  straightforward  concept, financial literacy falls short in endorsing the kind of healthy spending habits people  need . Here, we have explained why financial literacy is not enough   Financial literacy does not encourage:   The major issue with financial literacy is that  it falls  short to consider one’s financial or personal circumstance. Due to this, it can’t encourage people to make smarter spending choices.     Learning to encourage individuals to make healthier financial decisions will need a dynamic approach. This approach should look to increase financial knowledge while giving access to equal resources for all individuals. Just as importantly, however, it should ensure that those experiencing poverty understand that an economical use of the resources given can

People who want greater financial security, should know how to make a financial plan that works for them. Fortunately, smart financial planning is not hard. Here we have listed 4 expert approved steps to help you make a financial plan to get you back on track. Keep an eye on where your money is going: The first and foremost step for smart financial planning is preparing a budget that records where your money goes and comes from every month.  Making a personal financial plan does not have to be complex. You can think of it like a monthly money management book by: Tracking your earning and expenditures in a notebook Using a budget template spreadsheet and updating it regularly Getting help from a budgeting app that aids you automatically track your earnings and To capture each expense, continue this tracking and budgeting for more than one pay period. As soon as you find out your present expenditures, you will be able to make better future financial plans. Be specific about your f

Very often when we save for our family, we do it without taking the goal and priorities into consideration. But to cover our needs and meet our priorities, we must have a proper plan in place.  When it comes to saving for our family, it become difficult to figure out how much we need to save. Besides fulfilling the daily needs of your family like clothing, accommodation, and daily meals, you also need to have sufficient funds to meet different other goals such as higher education for your children, family holiday and more.  You may have adequate funds to meet your short-term expenses. But what about down payment for home, retirement and others? You’ll need to set goals to fulfill those priorities.    Set aside money for emergencies: No one know what’ll happen in the future: an accident, an illness, an unforeseen layoff. That is why you must be prepared for the unexpected by setting aside money for emergencies. Experts say that emergency funds for households cover 6-9 months’ worth o