Yet, Bishwadeep is always relaxed and looks in control of his personal finances.
If someone asked Pranab, what his net worth was or what the outstanding on his home loan was, he would give some off the cuff answers, which usually would be way of the mark.
For the same questions, Bishwadeep would have the answer right to the last paisa.
So what? One may ask.
The answer lies in the calmness and confidence of Bishwadeep at work, which is actually a result of his financial stability, which in turn, is a result of the biggest asset in Personal Finance: Your Pen and notepad.
Silly it may seem but your pen and notepad could be the difference between a financially stable life and a not so stable one.
Let us look at Bishwadeep's life to know the secrets.
Making a budget and writing it too. . .
Like most of us, Bishwadeep too makes a budget, but where he scores is that he always makes it a point to write down each component of his budget on his diary.
In fact, he has a long size diary so that he can write down everything on one single sheet and be able to view it too.
His budget consists of Investments, Incomes, Savings, and Expenses and in that order! By writing down instead of making mental calculations, he is able to squeeze out many expenses and gain extra money to route to his investments.
At the end of the month when he checks his budget and realizes that he still has some surplus, his excitement is beyond comparison.
When we do not write down the budget, there is always a lot of possibility of missing out some components, making errors in calculations and most importantly not having anything to compare against in the month end.
Bishwadeep gets to keep his excitement and we carry on as if nothing happened.
The other risk of not writing down budgets is that we tend to justify unnecessary expenses, as there is nothing, which makes us liable to any commitment to keep within limits.
A written proof of your budget will most likely help you in the mental policing.
Ten minutes every day. . .
The smile and excitement in Bishwadeep's face is the result of
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