Some people question whether achieving financial stability is really necessary in this temporary earthly life. But there's only one answer: Yes. If you live alone with no spouse or children and have no dependents, you're free to live however you wish. But the moment you step into family life and others depend on you, you become responsible for ensuring financial stability. And that requires developing financial discipline. Here are some suggestions to achieve financial stability:

1. When Should You Start?

Financial discipline isn’t something you can keep postponing saying “Tomorrow, tomorrow.”. It must begin with your first salary. Saving a fixed amount every month into a jar or fixed deposit won't alone help you achieve financial security. You must also think from Day One about how you’ll generate a steady income after 15, 20, or 25 years when you retire.

2. A Proper Budget

Prepare a monthly budget that records how much to spend on various needs. And, Stick to it religiously.

3. Emergency Fund

You should always keep aside funds equal to 6 months of expenses. Keeping this as a bank fixed deposit is ideal. If an emergency arises and you break your FD, you might lose interest — but that’s a small loss compared to the safety it provides.

4. Savings Plan

You should have surplus funds left after all expenses. Never assume yu can save what's left after spending however you want. Instead, spend what remains after saving — not the other way around.

5. How to Grow Your Savings

Where and how you keep your saved money is important. Stashing it under a mattress or inside a jar is outdated. Even chit funds have become old-fashioned. Our ancestors used those when there were no other options. Today, Recurring Deposits (RDs) in banks/post offices are good alternatives. And Mutual Fund SIPs are modern tools that significantly help grow savings.

6. Avoid Private Lenders or Unregistered Finance Companies

Never entrust your savings — even a part of it — to private financiers or institutions. Even though multi-state credit societies or co-op societies run by politicians may offer high returns, they are risky and should be strictly avoided.

7. Take Care of Your Health

What’s the point of saving money if your health is ruined? Physical and mental health is essential for financial well-being. I’ve seen people neglect their health while being completely focused on their work — only to end up bedridden.

Use your weekends to relax with your family, relieve stress, and recharge for the coming week.

Daily physical activity is important. Yoga and Meditation support both mental and physical wellness.

8. Have a Health Insurance Policy

This is the age of lifestyle diseases. Earlier, conditions like diabetes, hypertension, or heart issues appeared only around the 60s. Now, they affect all age groups.

Hospital costs are now sky-high. While modern medicine offers hope even against cancers (e.g., proton therapy), such treatments may cost ₹50–60 lakhs, and only the wealthy can afford it.

Even the richest can become financially broken if a family member falls seriously ill. So it is essential to have health insurance for all family members — for both financial safety and mental peace.

Remember: A stress-free mind is half the cure for any illness.

9. Life Insurance Is Non-Negotiable

None of us are immortal. We are all here for a limited time.

If someone depends on your income, they’ll need to maintain their current lifestyle for some time even in your absence. Life insurance ensures that.

Back in the day, the maximum life cover one could take was ₹5 lakhs, and LIC was the only option. Today, the s cene has changed — there are 24 IRDA-approved insurance companies, and you can even take coverage of ₹2 crores.

Life has many financial stages — from children’s education to weddings. Modern insurance providers offer savings + insurance plans that consider future inflation and your family’s financial needs.

10. Join a Retirement Plan Early

Governments are struggling to pay pensions. Many states have now moved to contributory pension schemes, and even those are not guaranteed to arrive on time. Just look at how KSRTC struggles to pay pensions and salaries — it’s a clear warning.

So, when you receive your first salary, start planning for retirement. The earlier you start, the better your returns.

If you pay attention to these aspects and handle your monthly income wisely, then achieving financial stability in life is not just possible — it’s inevitable.