What is one personal finance habit that has changed your life?
I’ve noticed different people have different ways to approach their financial planning. Hoping to learn from each other and perhaps help others who read as well.
BiryaniEnthu
Stealth
5 months ago
If you 'want' to buy something, wait day or two (I wait a week) to know if my heart is still stuck at it. Generally (mostly) it is fleeting craving and I end up not buying.
This has kept my expenses very minimum
What if the thought comes back after a few weeks again. And you feel it in your stomach all day.
See more comments
The thought process was simple: if the same amount of calories can't be lost with a tap on the screen, or the money can't be earned with a similar effort immediately, it shouldn't be so accessible to me.
See more comments
RealOldmonk
Stealth
5 months ago
Following income - savings = expenses rather than income - expenses = savings
Monthly Fixed expenses are known before hand so that is already factored to arrive at the savings and what needs to kept aside for expenses
And also, spend on things when you want to. I don't make money to be a miser.
In my 20s I'm not gonna save for my 30s. Because I know I'm not making even 20% of what I'll make in my 30s and 40s, no point overthinking rn
SIPs
Just made sure it was at least 30% of my salary from the first month when I started earning. 6-7 years later, this has paid off too well.
See more comments
Stay away from lifestyle inflation, you can spend to upgrade and stay to a certain lifestyle but never chase the social media trap of lifestyle inflation, I think after a point there is not much difference also
D0nkey05
Stealth
5 months ago
Gold advice.
Bumpy_Stock
Stealth
5 months ago
Spot on.
Long term purchases that are value for money. If possible, skip it. Which means saying no to 30L wedding, pre wedding photoshoot and airpods pro max
Credit cards, if used properly, can save you 3-5% of your yearly expense.
See more comments
unpocoloco
Stealth
5 months ago
Don't have a credit card. I might sound backward, but in the long run, I feel it helps in cutting your expenses.
If you meticulously track your expenses, credit card works in your favour. If not, you are better off staying away from credit cards.
Yes this! Not for everyone, ive tracked my spends and have spent more with a cc than without one. And I consider myself to be a prudent spender.
See more comments
VagueElbow
Stealth
5 months ago
Going all cash. Spends down by 70%. If I do a digital transaction, I pay my dad that much in cash.
Bumpy_Stock
Stealth
5 months ago
True. Feel the balance amount.
A kind senior shared a valuable insight.
"Try to increase your salary but try not to match your lifestyle with it"
Will always be grateful to him. 🙏🏼
I somewhere learnt that if you want to buy something, let's say X amount then only buys if you have 2x of that X amount.
If you don't have twice the amount of the things you want to purchase then don't purchase it at all and wait till you have it.
Yup, this way if I buy anything and it gets lost then also I don't feel that bad as I still have enough money to buy it.
(Although applying this rule to bigger purchases like Car or House is very tough)
See more comments
Using credit card for regular expenses, makes it easy to track, also keeping seperate account for UPI, Investment is done thorugh salary account and expenses are done through other accounts
I believe one thing which can genuinely change your perspective towards money is requesting it with work hours or work days.
For ex let's say you want to buy an iPhone for 80k and your monthly salary is 40k. Then you can make the decision in this way that Is 2 months of me slogging at work really worth that purchase? If yes then go ahead otherwise you have your answer.
Use credit cards for everything. I used to despise credit cards because I only saw it as credit/loan utility. Got into it's nitty gritty and now I am a CC enthusiast.
It's the best thing I learnt in 2022-2023 and I am lovin it
dukhdardpeeda
Stealth
5 months ago
Which cards do you own?
Alpha777
Student
4 months ago
Yeah, which cards do you advise a beginner to take? Will start job soon!
See more comments
mangoman
Stealth
5 months ago
I’ve managed to save eight figures using SIPs. Pay yourself the first day, pay everyone else later. Aim to save at least 300x your monthly income needs and you’ll never need more money.
mangoman
Stealth
5 months ago
How meaning? I just spelt it out: SIPs. HMU if you need tips on how to start SIPs.
See more comments
Create different accounts than my partner and one joint expense account.
Joint expense account covers household, travel and all that.
My own account covers my investments/loan repayments, my side of family, and of course my indulgences.
That way we don't spend more than we jointly should because one person is earning higher vs other.
