What does it mean to be financially fit? It is no child's play, nor is it rocket science.
Financial planning is all about the right approach, and has little to do with financial expertise.
Take a look at the step by step guide to master the basics in financial planning.
This will not only help you manage your money better, but lets you save a part of your earnings so that you can have a worry free future.
Here are some easy to follow steps: Step 1: Take an overall view of your finances and put them in order This doesn't merely mean stashing away your money in the bank or investing it either.
It's about keeping a tab on every point through which your money leaves you as well as comes to you.
Here are some of the points to be considered:

• Insurance premiums
• Active Loans
• Emergency funds
• Retirement savings
• Living Expenses

The above mentioned aspects are the general expenses borne by every earning individual, although it may not be limited to the same.
Step 2: Stick to a plan

• Ensure you pay your insurance premiums, equated monthly installments regularly.
  
• Make informed decisions when it comes to investing in stocks, shares, gold and so on.
  Never invest without knowing the risk you are getting signing up for.
  
• Keep away some money for emergency reasons, you could either invest this sum in equity shares where you have the option of withdrawing on demand, or you could also keep a recurring deposit.
  
• The money that is automatically deducted from your monthly salary is towards your provident fund which is meant to help you post retirement.
  It is vital that you never touch your PF money until you retire because this is a form of forced saving, and it should ideally start the moment you start earning.
  
• By trying to focus on saving, don't be stringent on spending for essential things in life.
  The important thing is to categorize what's essential and what isn't.
  
• Invest in equity only according to your needs and income; do not invest in high risk shares expecting higher returns.
  

Step 3: Always remember, Income- expenditure= savings Make sure you save at least 15% of your annual gross income, in your bank account.
This should be a habit, so that you have some money at your disposal as and when you want it.
Constantly monitoring your finances shouldn't take up too much of your time, provided you do it on a regular basis.
If you feel you require assistance, you can go ahead and get it, but make sure it is from a trusted source.