TomorrowMakers

How I manage my finances
Vaishali Pednekar
Teacher

I believe life is too short to not to indulge in things that make you happy and I love myself some retail therapy. However, I found myself in a financial disarray a couple of years ago. Sometimes I was overspending and falling short on my bills, but mostly it was just poor planning.

I went through my old credit card statements to check how much I was spending on non-essentials every month. After checking the spending pattern over the last four months, I decided to slash the ballpark estimate by 35% and put it towards a Provident Fund for my retirement. I set up an auto debit instruction with my bank at the beginning of the month so that the savings can get deployed before I’m tempted to spend.

For my shopping escapades, I decided to play it smarter. I have earmarked a fixed amount monthly for impulse shopping and I penalise myself by cutting out on socialising if I overspend. There are discounts being offered almost every couple of months – monsoon discount, Independence Day, Diwali discount, etc. I try to restrict my shopping only to sales. I implemented this strategy about six months ago and not only have I started saving towards my retirement but am shopping almost the same as I was previously but at less than half the cost. 

How I did it

Kunal and Nita
Software Professionals

We are a family of five, with two kids and my mother who takes care of the house. Nita and I are both software professionals. Initially, with the kids, we found our expenses spiralling and were not left with anything to save or plan for our future. 

We decided to classify each major… Read more

Vaishali Pednekar
Teacher

I believe life is too short to not to indulge in things that make you happy and I love myself some retail therapy. However, I found myself in a financial disarray a couple of years ago. Sometimes I was overspending and falling short on my bills, but mostly it was just poor planning.

I… Read more

Payal Singh
Media Professional

I have just started working as a journalist. Though as a newbie my salary is not a lot, I still make it a point to save. My parents are middle-class salaried people who have built a great life by saving small amounts for years. They have taught me the importance of saving. With the help of my… Read more

Mukesh Keswani
Businessman

I run my own fabric business. I have recently bought a house and a car. So I have large sums of money going into EMIs. This makes it even more important to have a tight hold on my finances. I have kept both EMIs on auto debit on the 10th and 25th of the month. This way it does not put undue… Read more