It seems like the end of the month is just a race to make it to the next pay check. Often Bengaluru youngsters are left dumbfounded when they are left with a few thousand bucks until the next salary rolls in. We belong to the generation that is doomed to spend because life has become about living in the moment. These youngsters from the city let us in on their far from unknown lifestyle.
In the worst case scenario they borrow money from a friend or call up a parent. Nishanth Bhat, a city-based techie says, “You don’t think about savings right when you get your salary. Since I usually get my salary on the fifth of every month, I go out often for lunch with friends to good restaurants. After about 15 days it strikes that I don’t have much left, so I begin going back to my PG during lunch time.”When the salary comes in, they tend to spend it for things they have wanted to do for long time and by the middle of the month they are back in the same spot. This is a vicious cycle that is hard to break out of. Those GST sales didn’t help the situation either, as Jibin Rachel, an associate software engineer, explains her dilemma of buying things that she doesn’t really need. “For a recent office event I bought a new dress for which I had accessories, but I ended up buying more just because they were on sale. You never realise how much you end up spending when you are out with friends or shopping at a ma
ll,” she says. The calculations to ensure that they have a backup are quite strenuous too! Anantha Chowdhury, a software developer says, “I send around Rs 3,000 to another bank account when I get my salary at the beginning of the month so that I have a backup without having to call my parents. Using a credit card is an option, but I prefer to use that at a time when I don’t have to pay interest as they have a monthly cycle too,” she says.
These woes are common among professionals in the city who are living away from their homes as youngsters who live with their families have the added benefit of being supported by their parents to their monthly income. Manna Sara, a financial expert says, “Consumption of this nature seem harmless but when combined with limited income and accumulating credit card bills, there is hardly any savings left. A credit card is a great option if you have any huge expenses otherwise, prioritising what is important for each month will come in handy. It would be advisable to put aside a fixed amount, possibly in a separate account at the beginning of the month right when you get paid.”
