By: Tejnarayan Thakur
In Manipur today, a visible transformation can be seen in the way people earn and spend money. From the vibrant markets of Ima Keithel and Thangal Bazar to the growing number of small shops, street vendors, and salaried youth, financial activities have increased significantly. Digital transactions through UPI and mobile banking are now common even among small vendors. However, while income opportunities have improved, the habit of managing money wisely is still developing. Financial stress in many households arises not because of low income, but because of the absence of proper financial planning.
Financial management is not only for businesspersons or high-income groups. It is equally important for government employees, private school teachers, daily wage earners, farmers, auto drivers, small traders, students, and homemakers. Every rupee earned through hard work should be properly planned so that it provides security for the family and stability for the future.
A simple example can be seen in the life of the women vendors of Ima Keithel, who wake up early every morning and sit in the market throughout the day to earn their livelihood. Many of them manage their household expenses, children’s education, and even support their families from their daily earnings. Those vendors who keep aside a small amount as daily savings through local saving groups or bank deposits are able to handle emergencies and social responsibilities more confidently. On the other hand, those who spend their entire income without planning often face financial difficulties during medical emergencies, market shutdowns, or unexpected family needs. This clearly shows that the habit of saving, even in small amounts, can make a big difference.
One of the most important steps in money management is maintaining a monthly budget. In many families, especially during festivals, marriages, and social functions, spending often goes beyond income. This leads to borrowing and long-term financial pressure. A planned budget helps in prioritizing essential needs such as food, education, healthcare, and savings, while reducing unnecessary expenses.
Another major concern in Manipur is the lack of emergency funds. Many people depend on irregular sources of income such as small businesses, agriculture, or private jobs. In times of medical emergencies, natural disturbances, or sudden unemployment, families are forced to borrow money from relatives or local lenders. Regular small savings can act as a financial safety net and reduce dependence on loans.
Investment awareness is also very low among common people. Keeping money idle at home or only in a savings account does not help in the long run because the value of money decreases due to rising prices. Safe and simple investment options such as post office savings schemes, fixed deposits, recurring deposits, Public Provident Fund (PPF), and Systematic Investment Plans (SIPs) are suitable for middle- and low-income groups in Manipur. These help in achieving long-term goals like higher education for children, house construction, and retirement security.
Insurance is another area that needs attention. A single medical emergency can force a family to sell their land, gold, or take heavy loans. Health insurance and life insurance provide financial protection and should be treated as a necessity rather than a luxury.
With the rapid expansion of smartphones and internet services in Manipur, digital payments have become very popular. Even vegetable vendors and small roadside shops now accept UPI payments. While this is a positive sign of financial inclusion, cases of OTP fraud and fake calls are also increasing. People must remain alert and never share their PIN, OTP, or bank details with anyone.
The government has introduced several financial inclusion schemes such as Pradhan Mantri Jan Dhan Yojana, Atal Pension Yojana, and various banking facilities that are now reaching both hill and valley areas. Self-help groups and women-led saving initiatives in Manipur are also playing a significant role in promoting financial discipline and independence.
In conclusion, financial security does not depend on how much we earn, but on how wisely we manage what we earn. The hardworking women of Ima Keithel have already shown that small and regular savings can bring strength and dignity to a family. Financial awareness is the key to a stable and prosperous Manipur. It is time for every individual to take control of their finances and remember the golden rule — manage your money before it manages you.
(The author is Research Scholar, Department of Commerce, Dhanamanjuri University, Manipur. Writer can be reached at: [email protected])
