A Rs 1 Cr insurance sounds like a solid round figure. It seems “more than enough” to most individuals. But the question is that if it is truly enough for you?

A life insurance policy is not meant for your benefit but for the benefit of your financial dependents. The benefit is that in case of an unfortunate event your dependents will not be impacted financially.

When your finances are tight, it may be difficult to donate money. However, giving back to the community is not just about making monetary contributions. There are many ways to do it that don’t involve your bank account.

What remains a constant is that faced with an increasing shortage of time we are spending more and more on convenience simply because it is easier.

If borrowing gets excessive, it could snowball into a debt trap. That’s why it is important to keep your debt under control by separating the good from the bad ones.

There is pressure to keep upgrading that car, house and lifestyle; pressure that will lead you to continue increasing your EMI rather than the assumption of reducing it. Pressure that will keep you tied to a job whether you like it or not.

Can one desire to simply make more money? Nothing wrong with this goal, because making more money means creating wealth. Creating wealth can help you sustain a lifestyle that you want through the ups, downs and the beyond the end of your regular earning years.

The answer lies in “not needing the money NOW”. Have you noticed how you tend to worry less about money when you have more than enough of it? The feeling when you receive your salary versus when you are nearing month end is quite different.

The challenge though is how to “protect” our savings from ourselves? There is only so much self-control we can exercise at any given point of time. It’s easy to start considering big spends, like that smartphone which just hit the market, when we see a relatively big amount accumulating in the bank.

108 months, Rs 20,000 to save a month to begin with. Can you reach 50 Lakhs before 40? Here’s a 5-step approach

The life goal, such as the one above, needs to be converted into a “financial goal” for it to see daylight. This means talking about sobering facts about money and how to save enough of it to buy the flight ticket, book an Airbnb and still leave enough to do some kilt shopping and, you know, eat and drink, and make merry.