I am born and raised in middle class family and understand value of each rupee. I value my hard work and my earnings. I spend my money wisely and also try to save. Some of my friends use to make fun of me ohh you are baniya so they are always so good with money. My answers have always been if you don’t have your savings, then who is going to help you in case of any financial difficulty. No relative or best of your friends are going to help you with money. Everyone is so busy looking after themselves that they will immediately cut off if you are in financial trouble.
I feel sad when looking at lot of girls and boys of my generation or younger that they spend their money on brands, shopping, films, and restaurant like anything. Their response is my parents will take care of household expenses and I will just spend my earnings leisurely on me. Parents have spent their hard earned money to raise you, to educate you so that you can earn well for yourself and family. Now you are again dependent upon your parents that will the sickest thing you have done to yourself and your parents.
Also we live in a country where we don’t have any social security system that will pay you in case you are not earning. So you have to plan your savings right from the time when you have started earning. Our parents have also done so that’s why they can still feed you.
You have never saved so how to save now. As it is said it is better late than never so start immediately.
First of all vow to yourself that once you start earning you will never ever ask for a single rupee from your parents.
You know how much you are earning. Write down all your expenses on a paper.
After jotting and segregating you will understand what the necessary and wasteful expenditures are.
If you are paying rent (like me) than it is a necessary expense. If you are lucky that you don’t have to pay that amount as rent take that amount and invest in recurring deposit or SIP plan. Every month write a cheque for that much amount and think like you are paying rent.
If your parents are not accepting any money from you then you can contribute in groceries or toiletries. Your parents will feel good about you taking some responsibility even they don’t say yes to your contribution.
You want to spend on leisure and have fun than keep a budget that this will be my limit.
An old saying is that you should try to save one rupee first before you spend one rupee. As with time value of rupee will decrease. After twenty years value of 5,000 won’t be same as today. So you have to be prepared so that when you grow old you are not dependent on anyone financially like your parents are not dependent upon you.
Aim to buy a house with your own money and start saving for it. You will feel so cherished the days you will buy house with your hard earn money.
I hope that this writeup was helpful. Stay tuned to R&W for more such write-ups
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