Prepare your monthly budget According to your income and put the allocated fund in respective bucket. When you make the expense, take the required fund from respective bucket and make sure you do not barrow from another bucket.

Savings is the first expense that you should make. When you allocate fund for different buckets, the first one should be the SAVING bucket. Teach your kids with the importance of savings. Plan your savings according to your income. Start the habit of saving at the earliest because a mango seed planted today will become mangrove over two decades.

To help you financially in emergency situations related to health, avail a health insurance for your entire family. If you are the breadwinner of your family, go for term insurance that will be handy for your family when you cannot. Fund required for these insurances may seem to be an extra expenditure. However, if you save the surplus coins that you have on daily basis and count it when the insurance payment is due, it would ease your burden.