As soon as a new Government is elected, we wonder how on earth the Finance Minister will manage to take care of the huge expenses required to run the nation without taking recourse to increasing taxes. We face the same issues although on a much smaller scale when it comes to balancing our family budget.
In India, as elsewhere in many parts of the world, costs of living are increasing. Inflation in India has been at its highest point for the last few years. The Economist recently reported that the inflation rate is closer to 10 % than the latest estimates of 7.82%. Prices for most items are rising because of increases in prices of two dissimilar but rhyming items- international crude and food.
In this context, professionals are well advised to better manage their funds to counter the inflation which will hit them in numerous ways. I recommend an article I read recently called “General Strategies for Setting up a Family Budget” by Anchor Retirement. Their tips are simple yet meaningful.
If you haven’t got a family budget yet, this may be the right time to invest time to make one.
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This is Post No: 176 of the “A Step A Day” series : To provide perspective and provoke thought to facilitate self-development across a wide spectrum of issues- big and small- crucial for executive success