I love you, BBBBB….Budget?
This weekend, stick to your plans, both social and financial. Dive into the weekend with some iconic SRK songs that had a message you did not notice all this while.
Monday. Foofi talked about being woke and NOT being broke via budgeting your finances the 60/30/10 way. If you missed it, dont worry! Catch it here
But today..
I know, you’re all set with elaborate plans for the weekend. If you’re anything like me, you’d probably shut everything and everyone off and go sleep.
But if you’re in a mood to let your hair down, you’d step out, meet your people, go dancing, drinking, dining and whatnot. Basically, you will ENJOY your heart out.
Honestly, I dont want to play spoilsport. But then, this is the time when your monies and carefully-planned budget are completely thrown out the window.
And the next morning, you wake up with an empty purse, a terrifying bank balance, and dollops of regret. So, how can you save yourself this trouble? Yes, you’ll need all the willpower in the world to stick to your budget. But I can help you with 5 songs (and the stick-to-budget hacks they offer ) that’ll help you sail through your plan with little to no financial regrets and hangovers!
P.S. Just like last time, Foofi got SRK and his songs to chime in. Turn up the volume on these SRK gems, remember what they mean and you’re all set!
Koi Mil Gaya? Accountability Partner?
Being alone in your financial journey is tough, even demotivating. So, why not get someone along? When you tell your friends/parents about a goal you’re seriously working towards, chances are they’ll push you, and constantly remind you about it.
Here’s what happens once you go public with your goals:
There’s accountability, an invisible social contract of sorts, which strongly binds you to the task at hand. Which in this case is sticking to your budget.
Because you’ve suddenly become answerable to someone, it might push you to be on your A-game.
So, once you get your trusted people in the budget know-how, you’ll try harder to stick to your guns, and budgets because you would probably not want to let yourselves and them down.
Zara Tasveer se to, nikal ke saamne aa, mere expenses
Zealously and regularly start recording all your income and expenses. Once you have logged in about 6-7 months about how and where your money goes, you’ll start seeing a picture that’ll tell you:
Your spending trends and patterns. Are you consistently saving less and spending more on eating out and ordering online? What are some areas you can cut edges off?
How can you customize your budget? Money management is unique to each individual. It's never one-size-fits-all. Once you’re able to observe your ways, you can design a budget for yourself. Maybe you dont need a separate rental or housing budget. Or maybe you need to allocate more to paying off your debts. Own your budget, after you know it well.
Haule Haule Ho Jayega Pyaar..ermm budget
It's a long, slow route to effective financial management. Dont beat yourself up for all those pitfalls, setbacks, and blips that you’ll definitely hit on the way. After all, we’re only humans. Sometimes, our decisions will not be rational. They will be emotional.
Accept the fact that you will give in to temptations and you will mess up on your budget at times. You WILL overspend on that cart, that fine dining restaurant, or that book collection you could not resist. You WILL go beyond your planned expenditures.
But the key is to stay consistent and not give up. Always remember to stand up every time you mess up and steer yourself back on the budgeting path.
Ye Tara, Vo Tara, Har Taara. Dekhun jise bhi lage pyaara. NO
When it comes to buying, impulses can be your worst enemies. Unless absolutely urgent, sit for 2-3 days over any significant purchases. Do you need it? Once the initial excitement of immediately getting your hands on a product you like wanes, chances are that calm, clear hindsight will lead you towards not buying it.
Another way to choose your Taras is the nickel and dime way of spending. Set aside Rs 1,000- your budget for the entire day. Not a penny more. You only have this Rs 1,000 at your disposal. Too bad if you spend it all at once. Wise, if you manage to thrive through the day. All on you!
Zara Sa Jhoom Lu Main? YESSSSS
Lastly, celebrate your accomplishments. Did you want to save Rs 10,000 over a period of 6 months? And like the champion you are, you achieved that goal? It deserves a celebration, an indulgence, a reward.
Celebrate all your little milestones. If you managed to save more than your weekly target, pat yourself on the back. It's not easy, but the very fact that you are taking small steps to do so is worth a solid cheer. This will drive you to stay committed to your goals in the future, too.
Time to pump up your playlist and your budget, too!
Foofi’s ABC: Whats A-pppp?
There’s a crypto ABC you should know, and we’ll start right here. Every edition henceforth will explain to you 2 frequently used crypto slangs. And naturally, we’ll start with A.
AirDrop
iPhone people, you probably know this one. Airdrops usually happen when a new crypto token is launched and developers want the maximum number of people on the blockchain network to know about it and possess it, too.
Think of it as an email promoting a new product that keeps inundating your inbox. Except, it’s all on the blockchain.
AltCoins
There are about 19,596 cryptocurrencies active in the market right now. All of them, except Bitcoin, are called altcoins. Simple as that.