Father Advice: We Indians revere our fathers for their wise counsel on money matters and personal finance, which is time tested and still very helpful in a world that is continually changing. They are the ones we turn to for advice and guidance when we are unclear of where to invest, the merits of a loan, or when we need an extra credit at the end of the month.
One can learn a lot about financial management from his or her father because Indian fathers have always been financially responsible. The following tips can help us all in our financial journey:
Save Money and Money will save you
Be financial self-reliant
When steady income starts pouring in a person becomes independent in deciding the future course of his or her life. However, one can’t be independent unless one is equipped with financial know-how. Although having someone to turn to for advice is always a good idea, it could be even better to become independent by taking the effort to learn how to handle money, how to use assets like credit cards sensibly, and how to make sensible investments.
Start saving money from an early age
Every father teaches his children the value of saving money from an early age. Start saving small amounts; this fosters a sense of responsible financial behavior, which is useful whenever one starts using a credit card. After all, money saved today can easily turn into a fixed deposit in a few years.
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Saving a SMALL amount soon builds up to a large amount
Always pay on time or pay a fine
Being punctual on time is an excellent trait to have in financial affairs, especially when it comes to credit cards and EMIs. Banks and other institution charge significant fines when cardholders don’t pay the minimum amount due on time; these late payments have a direct impact on the credit score.
Knowledge in power – do invest on it
Rarely would our father jump headlong into something without due diligence, especially matters which are related to finance. . They spend hours reading the documentation, conducting secondary research on the cost-benefit analysis, and making sure their financial literacy is up to par before making any investment. The same is true of credit card ownership; if one is not aware of the hidden charges, which will undoubtedly result in additional costs.
Save for retirement start from your first paycheque
Plan ahead of time
Our fathers taught us the art of financial planning because they placed a high value on safety and security of their family’s well-being. They planned their finances in advance and created budgets to deal with any contingencies. Every child should be taught this skill from an early age. They should start planning for smaller things in life, so that it becomes second nature when they have to make more significant financial decisions.
Pay close attention to the fine print
Take your time, attentively read your bills, and double-check all the figures and details. When you receive credit card bills, be sure to read them carefully because they can include hidden charges. Any bill you receive, whether it be a credit card statement or an electricity bill, should be carefully studied.
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