New Delhi: Often people complain that despite earning well, they start feeling shortage of money in the last days of the month. Something similar was happening with 26 year old Rahul (name changed) living in Delhi. Rahul, who worked in an IT company, had a decent salary, but by the last week of every month his bank balance was almost exhausted.
After this situation continued for several months, he decided to keep a complete account of his expenses. He started writing every small and big expense in his diary for a month.
At the end of the month, when Rahul looked at his diary, he got the biggest shock. He thought that rent, electricity bill and hanging out with friends were his big expenses, but the reality was something else.
About Rs 2,000 was being spent every month on tea, samosas, biscuits and small snacks consumed daily under the office. At the same time, due to frequent use of auto and cab for short distances, additional expenditure of about Rs 3,500 was being incurred.
Rahul also noticed that subscriptions to many OTT and other apps were active in his mobile, which he rarely used. Money was being deducted from these accounts every month.
Apart from this, the habit of online shopping was also harming their budget. Expenses were continuously increasing due to ordering small things in the lure of free delivery or discounts.
Rahul says that when he started writing down every expense, he started understanding where and how the money was going. By checking the account of expenses every night, wasteful expenditure automatically came under control.
Following this habit, Rahul stopped unnecessary subscriptions, preferred metro and walking for short distances and reduced ordering food from outside. The effect of this was that at the end of the month he started having additional savings of Rs 10,000 to Rs 15,000.
If you too are troubled by financial crunch every month, then start noting down all your expenses from today itself. Whether the expense is Rs 10 or Rs 2,000, keep a record of every payment. This small habit can teach you better financial discipline and help you increase your savings.
