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Yogi Zone

Useful articles for your finance management by our team of experts

Ten Expenses that Indians better Avoid

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It may not seem quite different when you hear someone say to you that his/her financial life is stranded. This is mostly heard when you suggest someone a good long term investment. This is also a tactic used to avoid insurance agents. If it’s only a tactic, it’s well and good. However, if this is a reality, something has to be changed. There are two ways to increase savings: earn more or spend less. We strive hard to earn more and more but care very little about spending lesser. Here are ten things that we can avoid or at least reduce our spending on:

1) Weddings

Big fat Indian weddings have been the talk of the town. Our spending on weddings has increased exponentially in the past decade. Wedding today is a status symbol. We compete with our peers to spend more and more to enhance the occasion. The sad part is that it’s not just the rich who are doing this. Even the middle class are stretching their hands to reach the highest standards. This has ruined the financial lives of many. Expenditure on camera, decorations, food, etc can be curtailed to decent amounts.

2) Gold

Indians are obsessed with gold. We have always believed that gold is supposed to be an investment tool. What’s worse is that we even buy jewellery saying that it is a long term investment. This logic is never understood. We could do a lot better reducing the intake of gold. That money can be directed towards better investment options which yield  a lot better.

3) Movies

Apart from gold, we are also obsessed with movies. We treat heroes as demi Gods. We are ready to take off to almost every odd movie on the screen. More movies mean greater transportation costs, food expenses, misc expenses, etc. There are a lot of review portals today and we can view them regularly to choose to watch only better rated movies.

4) Gadgets

Apple is an American company and has spread like a virus in the home country due to its innovation. Being a developing country, it’s obvious that we want to catch up with a powerful nation like US. The gadget freakiness has thus caught our minds. Mobile companies are enjoying a feast due to this madness. There is no point in upgrading our mobiles, tablets, laptops just because new models have come up.

5) Restaurants

Zomato has turned into a 100 crore venture. This shows the popularity of hotels and restaurants among us. We love to eat out. Checking out the latest multi-cuisine restaurants and fast food centres is our favourite hobby. This is sure to make a drill into our pockets and the effect would be clearly visible in the long term. Both health and wealth would be affected due to this.

6) Domestic help

It’s almost a compulsion for us to employ servant maid to clean utensils, wash clothes, sweep the house, etc. Most of us have washing machines, dish washing machines and advanced cleaning tools available in the market. Employing domestic help for all these works is sure to make a dent in your pocket.

7) Fuel

Public transport is widely available for us. However, using own vehicles for transportation for either smaller or longer distances is a matter of prestige for us. Increased fuel expenses mean that transportation costs play a big role in shaping our financial life.

8) Upgrading Cars

Car is more a necessity than a luxury these days. And we love to upgrade to new cars even when the existing car is set to last few more years smoothly. This is a matter of attraction towards new things. But such things can cost you a bomb. Try not to upgrade your cars unless and until the existing car is completely worn out.

9) Branded Apparel

Branded goods have increased their foothold in our Country. We buy branded shoes, clothes, bags and more. There are lot of instances when there are alternate goods available elsewhere at a better price. However, branded goods signify better lifestyle for us and of course a status symbol. This obsession can easily be curtailed.

10) Fitness Machines

Last but not the least; we have started realizing the importance of exercise for a healthy lifestyle. We pay hefty amounts on world class gyms. What’s worse is that we buy expensive fitness machines and least care to use them regularly. They are kept safely in the balcony and used to store useless goods.

  • http://www.extra-cash-online.com/ Robert Connor

    Weddings can be expensive getting ready for one this summer!

  • http://www.mydailylifetips.com/ Santanu

    I accept the first point. We spend huge money for wedding, this is simply waste of money. Instead of that married couple can utilize that money to start their life.

    • sa

      unlike in west, marriage in India occurs once a lifetime :)

  • Priya Gupta

    Whoa! That’s quite a list! I agree that money spent on weddings is such a huge waste. While it’s not possible for everyone to skip spending money on all such affairs, one can definitely make use of http://cashkaro.com/ and make big savings on their spending.

  • sa

    Add food, water, house.. live like sadhus..

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