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Advice from a Grandmother

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Advice from a Grandmother-HDFC Life
September 05, 2018

Dear Ananya,

Happy Birthday my dear girl! You’ve turned 18 today and finally become an adult. As you embark on this new journey, you may be excited at the prospect of being able to vote and learning how to drive. But at the same time, there are many other responsibilities which are now going to be on your shoulders. You may not want to hear it, but now it is the best time to learn how to plan for your future. Balancing your money can be a little difficult in the start. But, once you start saving and investing little by little, it will soon become a habit. If you start building your wealth right from today, you can enjoy a future that is financially stable.

Your first priority should be planning your finances and setting your financial goals. Every month, make sure to take a look at your expenditure and your savings. If you're worried you might miss something out, why not keep a diary and write down how much you have spent at the end of each day? That's what I used to do. I'm pretty sure you can also easily keep a track of these things on your laptop or your smart phone. This will give you a better understanding of your needs and financial limitations. It will also help you manage your short-term and long-term goals.

Learn to save your money, Ananya. You may not realise how important it is to save today, but it could affect your financial standing in the future if you do not start saving right from now. It’s so much fun when you start your first job, and receive your first salary. There are so many things you'll want to buy, but before you do that, please put some money away. Put it in a different savings account, or in a recurring deposit. As the years pass, your expenses will increase, so will your salary. This will allow you to save more and more each month. You'll earn interest on your savings, and all of this will help you once you become a retired old woman like me. If you need money in an emergency, your savings will be there to help you out.

A lot of people your age use credit cards. While I'm not saying you shouldn't have one, make sure you use it carefully. Credit cards can help you when you have to travel abroad, and are also a great way to increase your credit score, but it's so easy to default on these payments. So many people pay off one credit card bill with another credit card, and end up in a cycle of debt. Use your credit card sparingly. When you can, use your debit card instead. This will keep you out of debt.

If you ever do have to take a loan, for whatever reason, keep a track of all your dues. Make sure you pay them off first every month, and then make a budget for the rest of your expenses. Never put off paying your debts, it could land you in a world of trouble.

You're a young girl Ananya, but you won't always be this young. It's also important to plan for your retirement. Your grandfather and I left it a little too late, and even though we're managing today, at times I wish we had done more. Find yourself a retirement plan. Build up your finances over time, so that when you're ready to kick back and relax, you have all the money you need to allow you to do so.

I have one last piece of advice for you. I know today is a joyous occasion, but you need to remember that life is unpredictable. Get insured. Find a good health plan and don't forget to renew it regularly. When your grandfather met with an accident all those years ago, paying his medical bills became so expensive. We had to break open our fixed deposits for them, and it's a regret we both still carry. Always make sure you're protected – this will protect your finances too.

Turning 18 is a great experience, and I wish you all the happiness and success in life. I hope you find a job that makes you happy, and that you'll never have to worry about money as you grow into the wonderful woman I know you already are.

Love,
Dadi

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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