Saturday, 14 May 2011

Personal finance helps you to lead a disciplined life

What does personal finance means? It includes all about the finance and financial matters of a person. It is not acquiring money only, but it includes earning money, spending money wisely and investing money fruitfully etc. You might have said that if a person can earn money he could have the ability to handle that money wisely. But the experience does not prove that.

Personal finance is the sum total of all financial matters of a person or a family. It is acquiring money legally, it is spending money for you and your family’s need, it is keeping money for emergencies, it is saving money for you and your family’s financial goals, it is fixing the financial goals, it is investing money fruitfully and so on.

For all the above purpose you have to spend time and put off some time for the planning and management of your finance. If you plan wisely you can harvest good fruits of personal finance and can lead a meaningful life. You should not run from poles to pillar for satisfying your emergencies. When you plan your finance you have to give attention for enough insurance cover also. You must have proper insurance cover for your assets, your life and also for the medical needs of you and your family.

In my yesterday’s post "How to reduce your health Insurance Premium?",I have mentioned that, if you could lead a good disciplined healthy life style, you can reduce your medical insurance premium. Here I again stated that if you try to manage your finance well, you could lead a disciplined life, you should take time for your financial planning, you should evaluate all your investments and your expenses, you must reconcile your budget and actual expenses and so on.

If you manage a good budgetary control, you can avoid so many unwanted expenses. Once a lady found that she could not manage her expenses with her income. She started writing all her expenses and at the end of the month she could find that around 33% of her income, spend for cool drinks, which she had habit of drinking cold drinks. She stopped that habit and escaped from her financial crisis. She spend time for writing all expenses and found the way where the money gone out and stopped that.

So if you ready to plan your money, you personal finance, you can lead a disciplined life. You must have read from the scripture that “as it is written: “He who gathered much did not have too much and he who gathered little did not have too little.” 2 Corinthians 8:15 & Exodus 6:18. Everybody getting enough to survive, but the difference is how they handle what they get. So let us manage our personal finance with discipline and wisdom.

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  2. LIC Health product will not have a level premium and will increase with the age of the insured and if more benefits are opted for. Pre-existing diseases will be covered, but with some clauses. LIC being the Insurance giant will offer a health savings account and a unit-linked component attached to it the Lic health product for the benefit of customers.

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