Most of us have seen in our childhood that our parents used to manage the household expenses, get their children educated and still save some money every month. They neither had budgeting apps like today nor many types of income streams. Still, saving was common for him.
Today’s salary is much higher than before and information about managing money is easily available, but still it seems difficult to save money. Monthly salary comes and you don’t even realize when it’s gone. Expenses also do not seem much, but at the end of the month there is no such thing as savings. Due to this, a fear starts to settle in the mind. If there is no money left now, what will happen next? In fact, the world has changed a lot regarding money. Our spending habits, expectations and pressures are very different from those of previous generations.
earn more but have nothing left
Today we earn more than our parents, but by the end of the month the money disappears. Earlier, rent, ration, children’s education and other expenses were covered with a single income and savings were also made. Today, despite having two earners, it is sometimes difficult to save. Rent now eats up about 30% of income. School and hospital expenses have also increased. There is nothing left for saving.
big bill for small expenses
Earlier no one had to pay monthly expenses for expensive phones, internet, Netflix, food delivery or fitness apps. Today, small expenses like ₹ 199, ₹ 299 add up to thousands in a month and we ourselves do not know where the money has gone.
yesterday’s earnings spent today
Earlier people used to save money and then buy things. Today EMI is taken first and savings are done later. A phone worth ₹ 70,000 seems cheap in EMI, car and house EMI together tie up a major part of the income. EMI comes in place of savings.
social media pressure
Earlier people used to compare themselves with their neighbors. Now the comparison is with thousands of people on Instagram. Better house, traveling abroad, expensive cars. This pressure makes us spend even when we do not need it, just so that we are not left behind.
job uncertainty
Earlier people used to do the same job for 20-30 years. Today you can lose your job any time. There is a fear of freelance, contract and frequent job changes. Therefore people avoid long term investments and keep money in cash. Worrying about the future makes saving difficult.
habit of procrastination
We think I will start saving from next year. But even a delay of one year can cost you lakhs of rupees in compounding. There are many options for saving but it takes confusion and years to take a decision. That means expenses have increased, there is EMI and lifestyle pressure, subscriptions, pressure of comparison and fear of job. Despite all this, saving is not impossible. There is a need to plan wisely and develop the habit of regular savings.
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