Let’s Talk Money by Monika Halan

What is ‘the money box’?

Ever wondered if there is a way to manage personal finance perfectly or rather realistically.

The answer lies in creating, adjusting & managing ‘the money box’.

Monika Halan has discussed this amazing concept of building up money box, which she also refers as ‘money habit’ in her book ‘Let’s Talk Money’.

The book suggests to make three bank accounts namely: Income, Spending & Investment over a period of six months to get our personal cash flow system in place. This gives a clarity of thoughts in terms of spending & investment.

We must know our needs in terms of immediate, emergency, short term, long term & post retirement. Based on which, the accounts would be having different products like insurance, PF, FD, mutual funds & many others. The product selection should match the horizon of our need & risk taking ability based on our age.

While reading the book, I found that I had committed a number of blunders like taking ULIPs & getting out of mutual fund too early. The importance of making a will, medical & term insurance have never been so illustrative to me.

In a sense, the book makes you wiser & destresses you from ever looming money problems. Thanks Monika Halan for writing on such an important topic.