Importance of the Family Finance

The last year has been very challenging for the entire world as everyone has witnessed
the nasty side of life and learned new lessons. We all had faced hard times due to
Covid19 outbreak, which started with complete lockdown all over the world, followed by
Covid waves and loss of lives of near and dears.

Though it is said that everything happens for a good reason, the only good thing out of
Covid situation was that we became emotionally stronger and more refined human
beings, for which we all have paid a huge price. Many of our friends or relatives have
left us, which are survived by dependent spouse, children, or parents. The society has
supported the effected families in every manner, as an endeavor to bring them out of
the trauma, though we all have witnessed the challenges faced by such families, be it
awareness, financial security, or involvement of family members in business and
finance. In most of the cases there was no Plan B.

The Covid have taught us the life is very unpredictable and we shall always be prepared
to face such contingencies with a Plan B. This Plan B could be a family planning and
preparedness so that no family is suffered even if the worst happens. The family
members especially the female members shall be involved in the business to the extent
that they are not helpless and able to take up the business if required anytime in life.
The earning members shall have enough life insurance, so that the dependents do not
suffer atleast financially. Remember, money or any resource can never take place of
our loved ones, but practically resources are always required by families whether we
are there or not. In the absence of Medical Insurance, the medical bills have wiped out
the savings of many families during Covid period and broken the back of many who had
suffered the criticalities. Had there been sufficient Health Insurance coverage, the story
would not have been that ugly, atleast on the finance side. Even there are cases where
the earning member of the family who had left, is survived by spouse and children, and
had also taken insurance but the family members are not aware of same and had
struggled a lot due to lack of knowledge.

Ofcourse no one foresee such events and are never prepared for same, but those who
were aware and informed were at better position. Remember, we all are positive souls,
but we shall be prepared for the worst, so that our families do not suffer in case of any
unforeseen situation. Let’s not only have enough financial security, but also aware our
family members about the same. Our family members shall have minimum business
knowledge so that they can independently carry on the legacy if required in their
Importance of the Family Finance

lifetime. This not only is the need of hour, but also required for empowerment of the
women. The informed women is confident women and if the women is confident then
the family is in the same hands.

Yuva Shakti Rashtra Shakti!

Nari Shakti Rashtra Shakti!

Shikha Agarwal
FCA, B. Com. (H)
shikha@vsaa.in
+91 80003 53022