It's true to say that once our palate has been served well with a great meal, our hunger subsides and the best of the cuisines would be insipid and unappetising. Similarly, our needs and desires have a strong correlation up to a certain age.

So, once we start working, we often are not able to distinguish between our needs and desires even though there is no harm in that – at least, till a certain age.

Thus, it is important to fulfil our overlapping needs and desires at the outset itself as we step into the world of financial freedom along with the ability to earn and chose our lifestyle. What's the point of life if we can't live it up to our heart's content?

But as we approach close to our 30s, it is now time to start budgeting and take some decisions. As our palate is well served, we get into planning ahead with a firm & a solid road ahead.

Here are financial vows that we must take:

Avoid debt traps: Do we really need multiple credit cards in our wallet and that too, each one at their peak limits with revolving credits! Do we really need to build multiple loans and spend our energies on servicing the monthly instalments? Can we plan ourselves better, avoiding these spontaneous purchases?  Living with mortgages is normal and can be understood - but do you want to be mortgaged for life!

Start investing early: Starting with an investment in equities will be the best way to take off. But should you buy stocks directly? Well, surely, it does get the adrenaline pumping and high. So, create a direct equity portfolio through extensive research and advice. Furthermore, without any delays, create your own Equity Systematic Investment Portfolio with Mutual Funds.

Have a sound retirement planning: As you start investing through direct equities and SIPs of mutual funds, consider the retirement planning into your larger scheme of things.

While your SIPs will create enough wealth over a period, we can simply convert the corpus – thus created - into a monthly Systematic Withdrawal Plan and an efficient pension plan as well. Also, it will be a great idea to invest in some of the pension schemes currently on offer. The important point to consider is to gradually increase our SIPs proportionately in line with a rise in your income levels.

Be well insured: Of course, you may have bought insurance for your tax efficiencies, but the question is - are you insured enough for mortality cover and health needs? It is a human folly to assume that we are all immortal and that our health will always be the best. Hence, plan your insurance budget as life is highly uncertain and eventualities rush in when you expect them the least.

Have a party budget: Socialising is necessary in your pursuit for intellect, knowledge, social connections and progress. Thus, one should  create a socialising monthly budget and take a vow to stick to it. Otherwise, it will pinch you severely in the form of ballooning credit card bills which you alone will have to settle, wrecking your financial condition.

In a similar vein, create an experience and skill budget. After all,  what’s life without a speck of adventure and travel. So, in our budgeting agenda, it will be great to add an experience and skill budget that would help you  upgrade your intellect, skills and invest in hobbies. What more, you don’t need a Personal Loan for such accomplishments; we have already budgeted for it.