Personal Finance

In this era of outsourcing and being able to Google up things, everyone is quite aware about a financial planner or at least about the salesman from a bank who guides you on how to channelize your funds in the ‘most productive’ investment avenues. However, they are all selling their products, while you’d be the only one who has to take care about your actual financial position. So, once that outsider walks out, you are left alone inside those four walls of your house to manage your personal finance.

‘Most of us value things more than we value money, which is why most of us have more things in our closet and our cupboards than we do money in our bank accounts.’

What is personal finance?

Personal finance is the financial management that a person does on an individual level. It may be a simple task such as budgeting your grocery list or assessing the correct rates for any desired products or services. In other words, it defines the various financial decisions an individual may make for himself and his family such as, budgeting, investing, retirement planning, etc.

Every individual has some goals in his life, be it for short term such as paying off the dues or for long term such as child’s education or marriage. To fulfil these goals, he needs to keep a constant check on his income, if it can support his goals or not.

Why personal finance?

Personal finance skills play a crucial role in an individual’s life because without such skills people usually spend their entire lives slaying for money or probably in debt. These skills help you to manage your income easily without any external help and enhance your financial position.

Irrespective of the field you belong to, personal financial management holds its importance everywhere. As whatsoever business or service you deal into, managing your own debts and systematic investment planning, would be your responsibility and not merely your financial planner’s task.

It may benefit you in several other ways such as wealth creation, raising your standard of living, offering security to your family, etc. Budgeting, spending and saving would then be on your fingertips and it won’t be difficult to keep you off those unwanted and unmanageable debts.

Some tips on how to manage personal finance

  1. Create a financial calendar:

What other than getting your ‘due dates being remembered,’ be a good start?


  1. Track your net worth:

Tracking your net worth can show your progress and your actual financial position.


  1. Consider an All-Cash diet:

Overspending is your weakness too? Get your spending on all cash basis and it can help you break out of that cycle.


  1. Adopt a spending mantra:

Bring up a thumb rule of your own! Ask yourself if that extra thing is worth the other items in your checklist? If no, then you know what to do.


  1. Get a money buddy:

Having someone who can motivate you to zip up your overspending habit, could really be worth it.


  1. Spend on experiences, not things:

Spending on a workshop or seminar would always be better than spending on something which is attractive but not useful.


  1. Give money to get money:

Let your money work for you by making the right decisions and investing in the correct platforms.

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Torin Wealth Management, G1-B, International Trade Center, Majura Gate, Surat - 395002.


Phone: 0261 4041122