By financen | February 1, 2016 - 6:01 pm - Posted in Budget, Investment, Savings

Life is just not just about big dreams, high end luxuries and expensive comforts. Amidst your hectic schedule and working hard to make your both ends meet, you may often forget to enjoy the simple pleasures of life. These pleasures, though may seem trivial or frivolous in nature, can bring immense satisfaction to you. They are called the finer joys of life.

Ever wondered about the finer joys of your life?  Well, here is a small list:

  • Looking at the joy on your child’s face when you take them for their dance class
  • Dropping your wife for Zumba classesen route to your office.
  • Pursuing that long-cherished hobby of learning to play the guitar.
  • Watching your favourite singer performing live in a concert.

This list can be endless. You have an earnest desire to live these finer joys, but then there is the other side of the coin which calls for being practical to make them come true. You need to make time to do these little things you want to do as well as manage your finances to spend about the same.

Managing your time is relatively easier. You could start waking 15 minutes earlier every morning. Or you could limit your screen or digital media hours. You can even set aside a dedicated hour of the day for ‘me time’ and ‘family time’.

But, what about the money part? This requires a conscious and systematic planning at your end. Here is what you could do to achieve the finer joys in your life without worrying much about the finances.

  1. Make a Budget

Write down income and expenses (better, if maintained in an excel sheet). Review once in a fortnight or a month. Analyze the reasons if you have exceeded the budget on some counts. Try and live within the budget.

  1. Save Smartly

You should aim to save at least 15 – 30% of your income to meet the key milestones of your life – child’s education & marriage, own home, retirement, etc. Keep a long term perspective and allocate your savings to a diversified portfolio comprising fixed income securities, equity funds and insurance plans (life, health and non – life) for a better risk-return trade-off. Also, keep an emergency fund, equivalent to your 3 – 6 months, aside to meet unforeseen expenses. Similarly, you should allocate a part of your income towards the expenses that you will need to incur on the finer joys of life. This way, you and your family can enjoy the small pleasures of life without creating an additional burden on your budget.

  1. Invest in a Money-back Policy

The finer joys can occur at different stages of your life. To be able to enjoy them as and when the time comes, you need money at periodic intervals. Rather than juggling your finances impulsively in future for such things, it is better to plan for regular payouts ahead of time. A money-back planis quite suitable with this regards. It gives a guaranteed income flow at fixed stages during the policy term, so that you have the money when you need it the most. You could plan the payouts as and when you desire to fund the finer joys of your life. With a money-back plan in your investment kitty, you have an additional source of income in hand and you can glide through your recurring financial commitments smoothly.

If you plan your time and finances well, you need not forget, sacrifice or postpone those finer dreams in your life. Start planning today, your little joys are waiting to unfold!

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This entry was posted on Monday, February 1st, 2016 at 6:01 pm and is filed under Budget, Investment, Savings. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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