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

Rahila Khan
Homemaker

I am a single mother of one. I lost my husband just 5 years into my marriage. Life has been a struggle for me, but I have managed it and today I have no complaints. 

I was a young widow with a 3 year old son when my husband passed away due to a heart attack. My parents were my rock… Read more

Piya Sharma
Chartered Accountant

I am a CA by profession. As my training has taught me, investing is a big part of my financial strategy. I am slightly risk-averse and invest heavily in mutual funds, FDs and ULIPs. I stay away from the stock market. 

As the household expenses are taken care of by my husband, I use most… Read more

Rajesh Singh
Corporate Executive

Growing up I did not have much other than the bare necessities. Though my mom tried her best, she could not fulfil our wishes. I always knew I had to study and improve my life. Today, I own a bike, a car and my own humble house. This has only been possible because of my prudent wife.

We… Read more

Suraj Chandwani
Gas Station Owner

I like to work hard and live a good life. I want to give the best to my wife and son, as well as my parents who live with us. I own a gas station in the suburbs of Mumbai. I had taken a loan to set up my business. So a major chunk of my earnings goes in repaying the loan. I also have a car loan… Read more