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

Praveen Nair
Retiree

Ever since I retired, I have looked forward to the festive season with added zeal. It is the buzz that I need once in a year in my laidback post-retirement life. I like to celebrate the occasion, get the house painted or renovated, buy gifts for my dear ones or go on a vacation. These things… Read more

Swati Mehra

A couple of years ago I was over the moon after landing my first job. I celebrated regally during the festive season that ensued, only to land in a financial soup for the next few months. With gargantuan credit card bills and barely any cash left, I had no other option but to default the payment… Read more

Rohansh Pathak

It is highly unlikely that all the expenses made during the festive season were worth making in the first place. This is the time of the year when unavoidable expenses are bound to upset your budget plans, and you can do little about it. However, I have made it a point to have a look at the… Read more

Shubhra Banerjee
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