During this lockdown my expenses have come down, i am sure most of you are experiencing the same. Lockdown is surely helping in increasing the savings for some of us.
Majority of us are sitting at home and our basis requirements are taken care of so by this time we all would have realised that we are spending too much on unnecessary stuffs.
Our primary expenses are pretty low. It’s just that we spend a lot on things which aren’t that important. Nothing wrong in spending on unnecessary stuffs provided you have enough savings and have invested the savings in the right products to take care of your future goals like Retirement, Kids education etc
In fact for many, with the exception of groceries , vegetables & your electricity charges (which might be high based on the city you live in) apart from these three things, all other expenses would have gone down significantly or to zero.
I am not sure whether all will continue to live this way even after the lockdown is relaxed, but i would urge everyone to seriously look into your spending habits and try to figure out what are the real unnecessary expenses that you can cut down on and make a list.
You can do that by putting the number is an Excel or an App or even in a diary or a notebook. This is just to highlight how much your real expenses are and how much of them are really avoidable or at least can be reduced to some extent.
Just write the list of expenses you incurred before lockdown and expenses during the lockdown. This will help you to identify which one is necessary and which one is unnecessary.
More importantly as the savings has increased, you can also keep this fund aside (perhaps in a FD or in a Liquid fund) as this will surely highlight the potential for future savings and in the future whenever you plan to buy some important stuffs this will surely helpful.
Regards,
RaVi
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