Financial Well Being Workshop at PIBM Pune

Well Being Shiksha Foundation organized a financial well-being workshop to sensitize Pune Institute of Business Management students to understand the benefits of money management and a gateway to lead a happy life. The eminent speakers were, CA Nitin Vashista, CFO PHD Chamber of Commerce and Industry - Delhi, Prof. Deepak Tandon, Professor of Finance & Accounting at International Management Institute- New Delhi, Ms. T Latha, former MD and CEO of Dhanlaxmi Bank & Ex- General Manager, Punjab National Bank, Head Office, New Delhi. Ms. Sucharita Dwivedi, Ex-General Manager, Punjab National Bank, Head Office, New Delhi.

The mantras of money management shared by the experienced speakers from Industry, Banking, and Academics were as follows:

1. It is important on the professional and personal front to maintain a surplus budget to retain sustainability. To maintain a surplus budget, tracking expenses is very important and it is equally important to spend with caution and save for tomorrow. Every expense should complement with 2 percent of savings.

2. It is good to start savings with Recurring deposits. Recurring deposits bring discipline to spending and help to meet short-term financial goals.

3. It is good to make 100 percent payment of the credit card due amount. It is not good to pay the minimum amount due to the credit card expenses since the remaining amount to pay will get compounded every month with an increase in interest liabilities on you.

4. Save regularly in banks for liquidity and to repay debts well within time and maintain a good credit score.

5. Save for liquidity and invest for wealth creation. The right time for wealth creation is today and now. Start investing in mutual funds in SIP (Systematic Investment Plan) to minimize risk and gain compounding benefits of interest assets. Invest in Gold Bonds to generate higher returns.

6. Spend with caution, save with passion, and invest with aspirations.

7. Save water, save electricity, save plants, save food, save paper, save life, save relations, save the planet.

Well Being Shiksha Foundation, is determined to promote money management amongst youngsters for their happy life. We are thankful to PIBM for their support.