Many urban youngsters are spending beyond their means and it is important that they track their expenses prudently, says Sabari Saran
It is the story playing out with the millennial generation—they are smart, fast on the uptake and highly consumption driven. Garbed in their smart phones and smart watches, wear- ing swanky branded clothes, they have a different perspective on how they view money. Result: the word ‘savings’ has disappeared from their financial lexicon with ‘spending’ taking charge. The fallout—majority of urban youngsters today are living salary-to-salary, some scrimping the month with great difficulty.
It is common to meet millennials who go broke a week before the end of the month, yet stretch their credit limits on multiple cards and easy-to-borrow-routes—parents and friends. “While few urban youngsters are financially savvy and good savers due to family influence, most of them have no clue of money concepts. They are tempted to buy the best of electronics and spend on exotic vacations, with no clue about their future,” says Renu Maheshwari, CEO, Finscholarz.
App to the rescue
It is never too late to reassess your finances and the first step towards doing it is to track and analyse where your money is going. While keeping an expense diary and updating it can be an exhaustive affair, the other way of doing it is by reading your bank statements and trying to deduce where you spend the most. Plastic money and wallet spends have lead to the urban youngsters not feeling the same pinch one senses when one dispenses the same amount in cash. But remember, each transaction and card swipe is depleting your money from your bank account and it is important that you do not spend beyond your means.
Denne historien er fra September 2016-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 2016-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.