Binge-watching is an underrated form of learning. It’s between those laughs and shocking moments that you realize you’ve had a preview into some of the best lessons of your life. You see how each character evolves over the years and as they grow and mature, so do you.
We have seen characters change for the better, with immature ones like Jake Peralta settling down, competitive ones like Sheldon Cooper becoming more empathetic and spoiled ones like Rachel Green becoming financially independent. While we have enough learnings to prepare a binder that’d put Amy Santiago to shame, let’s put together some essentials for money management.
1. Take Charge of Your Money:
Earning money is the first step of adulting. But it doesn’t stop there. Understanding your money is a whole new ballgame. Whether you work in a corporate or create a startup like Maeve, always know where your money goes. Keep track of what is deducted for taxes, choose the account where it’ll be transferred to. Of course take help from your parents at first but be sure to take charge eventually as that’s the first step towards being a financially secure adult.
2. Be Smart About Your Savings:
Savings are essential. The first few earnings can feel like an amazing rush but with every treat and party scene, they’ll deplete sooner than you think. To ensure that your bank account is an oasis and not a mirage fooling the eye, it’s imperative to start saving up. If you’re getting a credit card in order to keep your savings aside, be sure to not rack up the bill so much that you end up doing just the opposite and need your savings to pay off your credit card debt. Therefore, instead of pulling an Entertainment720, whether you set money aside in a separate savings account or manage to not splurge too much, find a way and save each day.
3. Invest Well:
From mutual funds to fixed deposits, there are several ways to invest your money. When you manage to make a significant amount, be sure to invest it one way or another. Even shares are a good option as long as your knowledge is solid or you have a consultant. But today even the consultant aspect has gone digital with online stock investment apps like Zerodha which give you all the information you need with the click of a button. A mere Rs. 1,000 invested in Infosys in 1993 would be worth Rs. 40 Lakhs today. Therefore, venture on your own or bring in an expert and maybe you could purchase your own office building like Dwight someday.
4. Adapt To Online Payments:
A lot of money is saved via online payments rather than cash since a lot of apps and websites provide discounts for digital transactions. From fancy restaurants to even ration shops, everybody is going cashless. Paying via UPI (Unified Payments Interface) has become super easy for payments big or small, eliminating the hassle of carrying cash around. One can even avoid the endless lines at the bank using internet banking as all the services can be accessed right in your phone. Technology has come a long way to reduce the hassles between you and your purchases. An example would be bill-splitting apps like goDutch where group expenses can be tracked or even settled instantly via UPI. There are even great discounts for signing up. Hence, inadvertently saving you money while spending it. Much like Mr.Robot, it’s time to go digital and contactless (rather essential in this pandemic).
5. Chart A Plan:
Keep financial goals for yourself. House you might want to buy, car you’d want to own, places you’d want to travel to, etc. It’s important that you don’t get stuck in a rut and keep working towards higher goals. For the key to financial management is adapting with your goals and the changing times. Plan ahead and maybe you too will have a binder charting your achievements from Ray to Z.
While all of this might seem overwhelming, if you take it one day at a time, you’ll reach your goals sooner than you think. Starting from maybe purchasing a Netflix subscription to hopefully owning your dream house someday.