“Money management is the need of the hour to maximise what we already earn,” said Vibhore Goyal, Founder of OneBanc. According to him, mastering core financial skills can help workers make informed choices, avoid unnecessary financial stress, and work toward long-term goals.
Here are five money skills every Indian worker should focus on:
Budgeting and expense management
Creating and sticking to a budget is key to maintaining financial control. Workers should track income and expenses closely to understand spending patterns. “It’s important to differentiate between needs and wants, and allocate funds accordingly,” Goyal said.
He recommends using both traditional and digital budgeting tools to gain a clear picture of one’s finances. This not only prevents overspending but also highlights areas for potential savings.
Prudent debt management
Debt, when managed wisely, can be a useful tool—but poor borrowing habits can derail financial stability. “Indian workers should know the difference between good and bad debt,” said Goyal. He advised prioritising timely repayments, avoiding unnecessary loans, and negotiating better interest rates.
“A clear debt repayment plan is vital. It protects your credit score and frees up funds for future goals,” he added.
Financial planning for the future
Planning for future goals is just as important as managing current expenses. Goyal urged workers to set clear financial objectives—like buying a house, funding education, or planning for retirement—and create detailed plans to achieve them.
“Your financial plan must consider inflation and changing life goals. Regular reviews keep it relevant,” he said.
Smart investment planning
Shankar Kumar, Founder of EZ Compliance, emphasised the importance of aligning investments with personal risk appetite, goals, and age.
“Use goal-based investing—like SIPs for long-term wealth and bonds for safety. Diversify across equity, debt, gold, and real estate,” he said.
According to Kumar, understanding market trends and financial ratios is crucial for making informed investment decisions.
Cash flow management
Effective cash flow management ensures liquidity during emergencies and opportunities.
“Every Indian worker should track income and spending closely. Maintain a budget to avoid overspending and route surplus funds toward investments,” said Kumar.
He advised regular reviews of financial plans to stay aligned with changing circumstances.
