The sooner you set up your pension plan, the better it will be for you.
Whenever people talk about finance, they talk about pension last. Saving for the future seems to be quite an odd thing for people. If the person has a target like he has to get a house or buy something else and he has to save money for that then the person can easily save money. But people do not think so about the future. First of all we have to understand that whatever it is, saving for the future is very important. You might not like it but one day you will get old and with increasing age you will need rest. That is why it is important that you start contributing towards your pension in your early days. Because the sooner you start, the more you will be able to save for yourself.
Nowadays the government is also paying a lot of attention to the post-retirement life of the people. If you open your pension account, then the government provides you high interest so that your money can grow well. The only bad thing about pension account is that you cannot use that money till you retire. Now it comes to how much you should save.
According to the experts, if you want to enjoy the same quality of life even after retirement, then you will need 2/3rd of your current salary in every year of retirement. If you are earning Rs 90,000 now for the exam then you will need around Rs 60,000 every year after retirement. This means that you have to save a total of Rs 12 lakh for 20 years of retirement.
You may find it difficult to save so much right now, but remember that if you are not able to save this amount, then you may have a problem.
Discussing finances regularly and openly can improve your relationship.
Once a request came to the author. That request was from a lady. The lady told that just a few days back, she has shifted to her boyfriend’s apartment with him so that he can save his rent. But her boyfriend has asked her to share the rent. Although in a way it is also okay that both the people living in the house share the rent. But the lady also has this doubt in her mind that why should she rent an apartment in which she does not have a stake. She asks the author if it is right to rent or if her boyfriend is taking advantage of her.
There is no answer for such a situation according to the author. In such a situation, the couples themselves have to decide together how they will manage their finances. Therefore, they should be ready to do backward conversations related to finance. By the way, in today’s time, the thing that causes the most conflicts between couples is money. Couples living in the house have two different types of thinking about money. For example, suppose one partner likes to buy clothes, then the other partner feels that spending money on clothes is a waste. In such a situation, there is bound to be a conflict between the two.
In such a situation, the advice is given to the couples that they openly discuss their finances among themselves. Because if those people do not do this in time, then later they may have more problems.
Contracting is one such technique, with the help of which a good relationship can be developed in the couples regarding finance. In this technique, you decide in a mutual way that if either of you buys something with your own money, then you will not question him. And at the same time you can also decide who will contribute how much in the rent and other bills. By the way, you will rarely see that the income of both the partners is the same. So never keep the expectation that in everything you both will give equal share. It’s so impossible.