Balancing Needs & Wants

Write about your approach to budgeting.

Money cannot give you happiness but it is must for survival. Yes I strongly believe in this philosophy.

In my opinion budgeting is balancing between Need & Wants. If you are not aware of your income and expenditure scenarios then you end up spending more on your wants and then spending on needs becomes difficult.

For peaceful life it is essential to plan your expenses wisely considering the income. This is more crucial when you get additional pay through salary increase then change of lifestyle should be properly planned.

I have made my income and liabilities plan at the age of 35 years. The horizon was till my retirement that is 25 years. The liabilities included children education, daughter’s marriage and family tours within India and abroad. Also planned for medical expenses.

This has immensely helped me to navigate through all my responsibilities easily. This plan also helped me to make goal based investments. The inflation YoY was also considered.

This has made my retirement life peaceful. I highly recommend this to everyone who wants to live happily.

Have a good day and keep smiling 😊