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Aut Aut Research JournalISSN NO: 0005-0601Everyone has a plan while making expenses whether it is properly planned for in need orfor want. If a person has sound Financial Planning, he would get great number of benefits suchas to make smarter decisions, to avoid sidetracks and mistakes, to insulate from the turbulence ofthe economy, etc. By providing necessary skills regarding financial terms to the human beingfrom the childhood, one can make financial planning in greater manner. The beginning of thefinancial planning makes a human being to identify the financial problem by root itself and tosolve the same in proper way by considering the factors.To achieve financial freedom, one should know proper financial planning. Now a days,needs and circumstances are changing to every human being. To meet our life goals, we shouldknow Financial Planning-the process of planning and managing our finances-Savings, expenses,income, assets and liabilities. To achieve financial security entire life, we should get to knowtimely and proper planning of our finances. There is no need for special qualifications forplanning finances. We can get help to find all or some concepts as required on financial planningfrom the Experts like Chartered Accountants, Advisors on financial plan and consultants on Tax.As we all know that the significance and effectiveness of our financial plan always depends ourinvolvement itself in making it7. Personal Financial skillsPersonal financial management is a key component to making our money work for us.This requires planning. Planning is the process of making a proper lay down procedure of doingthings and following them to achieve the expected objectives or targets (ArticlesBase.com,2012)The importance of personal financial management is, it enables to improve standard ofliving, which leads to good health and financial stress reduces considerably. Besides that, it alsoenables the individual to take better financial decision which reduces poverty, reduces debts andincreases savings and investments (Bimal Bhatt, 2011) and Bodvarsson& Walker, (2004)studied the impact of financial management among the students and concluded as„theimplications of poor financial management can affect more than students‟ finances. It can affecttheir academic performance, mental and physical well-being, and even their ability to findemployment after graduation‟.Volume XI, Issue XII, December/2020Page No:352

Aut Aut Research JournalISSN NO: 0005-0601Personal financial skills are the essential life skills which are imparted with one‟s lifestyle. To improve the happiness and quality of life, one should get mastering the basics ofPersonal Financial skills which are essential among the other skills require for life. Every personshould know such Personal Financial Skills which leads to get improvised the lifestyle. Richknowledge on the such skills i.e. Know the Needs and Wants, Know the value of money,Budgeting, Bargaining, Negotiation, Re using and Contentment.Financial Literacy only enables the individuals to make them informed smarter financialdecisions and to plan properly for unexpected financial hardships occurred in life. The financialliteracy skills will help to sustain financial well being of individuals and their families. Throughthe skills one could learn how to build a budget that works for you, to ensure goals and dreamsare attainable.Due to lack of proper financial skills and financial planning, one could not change lifestyle. One can earn lot of money, but to utilize the money in proper way as need, he must havesuch financial skills i.e. savings, budgeting, high goals for changing life style, to wish for needsand wants and luxuries, etc. Otherwise, he himself gets suffered and other dependent members ofhis family will get suffered by mentally and financially. In light of these facts, one must acquiresuch skills as much as possible early of his life i.e. schooling so that one gets started to identifyand follow finance matters carefully as well as happily for healthy future. The personal financialskills imparts in everyone‟s life as a greater role.8. Money making and managementMoney making knowledge will help every individual for making their life healthy,wealthy and happy. Money making is one among the basic financial skills which teach them toearn money by hard working in need and circumstances. Through their parents, peers, teachersand environment, students will get proper knowledge positively to earn money for better life.Depends upon the family situations and circumstances arises in life, the young generationcan get chances and learn such money making skills. The young people especially the studentswho are born in those said situations/circumstances in family life- such as destitutewidow/widower; father hasn‟t any job opportunities; large number of siblings in family; drugs,drinks addicted family members; etc are intended to equip their family by mere money makingskills like- vending milk door to door, vending newspapers and magazines, vending vegetable,Volume XI, Issue XII, December/2020Page No:353

Aut Aut Research JournalISSN NO: 0005-0601selling homemade pickles, snacks, part time jobs in stationery shops, construction works onholidays, vacation periods.9. SavingsAround the world, every human being learns lot of skills entire life i.e. from birth todeath. Everyone tries to obtain such skills which improve their lifestyle. Financial knowledge isone among the skills which switches their life into a bright future. We all know that an individualgets full confident when he could get necessary finance during its acute requirement in lifestages. Through the confidence by getting finance, one can do anything boldly and he can actindependently without any hesitation.Every human being know the value of the money earn from a job, business, properties,etc. in which ways to be spent, utilized. With proper financial planning, an individual knowshow to plan and manage the expenditure by making Personal income statement from the moneyobtained from savings, time deposits, investments, stocks and other assets and how to utilizethem for necessary such as for children‟s education, household expenses, insurance premiums,support for parents, relatives, accounts payables, savings, etc.India is a developing country and it has a fast growing Economy with special features ofnatural resources and with human resources. The future of our country depends on each andevery individual, old and young generation people to realize their responsibilities and theobligations belong to the citizenship. A fair and proper education and trainings on essential skillsare to be provided for every individual for prosperous future. To the growing generation of ourcountry, there is a need to realize the economy and thrift which make them future life smoothwith improvised and stabilized essentialities required for.Educational institutions provide basic education and essential coaching to obtain suchskills to the young generations as a good and model foundation to their future life. In the basiceducation, there is a need to provide financial literacy which play in a crucial role among thestudents and it is important to aware them on financial skills such as savings, budgeting, futureplanning, etc. It has been found clear from the review of related literature that the growing younggeneration people, especially, the students are lacking with financial literacy. To understand thedepth of the financial skills, there is a need of providing proper guidance and financial educationVolume XI, Issue XII, December/2020Page No:354

Aut Aut Research JournalISSN NO: 0005-0601to the students for their future. The financial education itself makes the students aware aboutsmall savings, banking, postal services, insurance policies, small budgetingFinancial Education makes curiosity among the students regarding what is money and howdoes it work for life and how to deal with it. Some students with acute requirement of money fortheir poor family background, they start earning meager in early years. They could know thevalue of money through their family members and environment.Students get financial knowledgethrough their parents especially mother from their homes. At schools, they learn through theirpeers, teachers and many times they learn financial management lot through their environmentpractically.Now a days, in the challenging world, the young generation should know how theyfinancially literate i.e. to create a small monthly budget that include basic expenses, bills, anydebts, etc. They should know how much money they spend for cover living expenses for a periodand must know whether they have an emergency fund by savings that would allow to get throughsudden large life events without having to borrow money. They should have knowledge aboutthe various kinds of insurance that are in need to protect their finances and investments.Through the review of literature studies carried out on earlier studies, researches onfinancial literacy reveals that the students and young generation are having a pretty good senseof where they stand in terms of their own financial literacy. They have a lot to learn about it, butit encourages to find that increasing the financial literacy could transform their whole families,surrounding communities and even the nation. In India, the educational institutions must workhard to bring this kind of understand the financial skills to the students of Middle schools andHigh schools and the curriculum on Financial skills, foundations on Personal finance whichempower them for lifetime of money success.Through the financial skills , young people canpick up the saving habits and equip with financial confidence.10. Successful strategies for money managementThe key to successful money management is developing and following the personalfinancial plan. Many researches reveal that people with financial plans tend to save more moneyand feel better on their progress and could take appropriate decisions on financial matter. Thefinancial plans which were written to follow is more effective than thinking mentally. Writingplans on finance matters help to remind about the actions to take and to reach the goals fast soVolume XI, Issue XII, December/2020Page No:355

Aut Aut Research JournalISSN NO: 0005-0601that one could achieve the progress more easily. Successful financial strategies can be developedby following steps.1. Put effort for earn money with target2. Collection of income and expense3. Identification of schemes on Life/Term/Health Insurances4. Preparing plans for smart savings and Investments5. Strategies to assign medical/emergency funds in family6. Regular review of records on expense and savings7. Better plan for retirement.10.1 Put efforts for earn money with targetEveryone should work hard to earn much money. Putting without such required efforts,one could not achieve the target on finance matters. The efforts with finance related skills, i.e.understanding the basic concepts on finance, smart earnings, getting skills from experts. Onecan find out many ways to make money with much efforts and one can generate extra incomealso by using options and spending much time daily. Hard work always pays off, so if one wantsto earn money, and must pay a lot of attention and hard work every day, even working fromhome or any way, need to be so much patient and hardworking. The excellent impact on monthlyincome depends our efforts putting and spending time on working. Everyone need to be preparedto face the challenges and hurdles while making money.We should make prioritize the target in terms of essentiality for us and dependent familymembers in family. The target on making money should include short and long term savings andmake sure the same for unexpected financial emergencies which may happen without warning.10.2 Gathering of income and expenseOne should develop a perfect picture of past spending, present earnings and expenses sorting byreceipts, bills, checkbook registers and the statements prepared time to time and whatever therecords on finances having. Many people map out the current expenses for future goals whichimpact the reality of spending decisions having greater impact for long term financial well beingVolume XI, Issue XII, December/2020Page No:356

Aut Aut Research JournalISSN NO: 0005-060110.3 Identification of schemes on Life/Term/Health InsurancesPeople should identify schemes provided by the financial agencies such as IRDA, SEBI,and NSE. As a responsibility towards citizen, the government provide accessible and affordablehealthcare. Accordingly, many different health insurance services have been launched for thepeople to facilitate better services.The following Health insurance schemes have been listed which are provided to thepeople by Government of India.There are a plethora of different health insurance optionsavailable for people below the poverty line from the government. They can utilize these schemesfor the betterment of their health and make the most of them1) AamAadmiBimaYojana2) Ayushman Bharat Scheme3) Awaz Health Insurance Scheme4) Central Government Health Scheme (CGHS)5) Employees State Insurance Scheme6) Pradhan MantriSurakshaBimaYojana7) RashtriyaSwasthyaBimaYojana8) Universal Health Insurance Scheme10.4 Preparing plans for smart savings and InvestmentsSometimes the hardest thing about to do anything is just getting started in such a manner.Money saving is also the same. One should initiate for small saving which leads smart saving.One can set up and follow such required steps for how to save money smartly which willdevelop a simple and realistic strategy for all short- and long-term savings goals. The best steps– keep tracking the expenses, making small budget for savings, cut unnecessary spending, lookforward for priorities, regular review of savings. Further, one should carefully take necessaryinitiatives for making investments, as we should not lose our money earned hardly and it willcreate an opportunity for greater future life.Volume XI, Issue XII, December/2020Page No:357

Aut Aut Research JournalISSN NO: 0005-060110.5 Strategies to assign medical/emergency funds in familyThe backbone of strong personal financial plan is making emergency funds in familywhich will be very essential for unexpected financial emergencies. One should know and learnwhy we need emergency savings. Having an emergency fund gives you the peace of mind toknow that should something truly awful happen, such as losing your job, you can worry abouthow to deal with the emergency itself and not worry about how you‟re going to survivefinancially.10.6 Regular review of records on expense and savingsEveryone should track their spending on a regular basis which gives an accurate pictureof where money is going and where we‟d like it to go instead. We make money with puttinggreat efforts, so we should regularly monitor by making a record for expenses and savings and itmay lead for better lifestyle.10.7 Better plan for retirementMoney management is about to meet required expenses, set aside for unexpectedemergences and savings. To spend money and save wisely, making small budget helps a lot.Spending less money than we earn is the essential key for making budgets. We can start savingmoney, when we spend less than we earn and the same leads for better plan for retirement. Oneshould think and plan for retirement without depending others. One can understand that makingnecessary savings for retirement leads for better retirement life otherwise it makes stressful in oldage. Everyone can make better investments in earlier years so that their retirement life will behappy and successful.11. ConclusionIt has come a general truth by the research conducted around the world, the level ofmoney management among the common people and well educated people prevails in low levelas considering the understanding about financial concepts such as savings, budgeting, Moneymanagement, insurances, financial assets, interests, investing, government initiatives, creditscores, better borrowings, time value of money and one‟s rights connected to finance and money.Financial Education is nowadays attractive new trend in most of developing and developedcountries to extend the awareness on financial concepts. Most of the countries adopted unifiedVolume XI, Issue XII, December/2020Page No:358

Aut Aut Research JournalISSN NO: 0005-0601and coordinated strategies for financial education for the people. India has a large population andfast growing economy with focusing inclusive growth and vital need for developing an energeticand stable financial system for all sectors of people, especially for young generation.Financial Literacy only enables the individuals to make them informed smarter financialdecisions and to plan properly for unexpected financial hardships occurred in life. The financialliteracy skills will help to sustain financial wellbeing of individuals and their families. Throughthe skills one could learn how to build a budget that works for you, to ensure goals and dreamsare attainable.It is very important to every individual for better plan and managing the personal financesfor leading their life happily. One should understand the financial targets to meet the financialissues occurring in daily life such as comfort retirement, financial freedom achievement, makingproper decision on financial matters. Money making knowledge will help every individual formaking their life healthy, wealthy and happy. Money making is one among the basic financialskills which teach them to earn money by hard working in need and circumstances. Throughtheir parents, peers, teachers and environment, students will get proper knowledge positively toearn money for better life.Every person should know such Personal Financial Skills which leads to get improvisedthe lifestyle. Rich knowledge on the such skills i.e.Know the Needs and Wants, Know the valueof money, Budgeting, Bargaining, Negotiation, Re using and Contentment.ReferencesAmagir, A., Groot, W., Maassen van den Brink, H., & Wilschut, A. (2018). A review offinancial-lit

the importance of planning and managing their personal finances and educating them on how plan and manage every individual finances for better today and bright future and also the same will lead the surrounding society and the nation for prosperous development. . Key words: Financial Management, Financial Pla