Savings for Millennials | Relationship Edition – Ujwal Chaudhari


For people who know me will tell you that nothing turns me on like the idea of money churning to make more money. A typical conversation with me dictates that after about 50 minutes of niceties, I will straightaway get to your saving situation. I am aware of how annoying and blatant it can be but if you can have a foot fetish, I am allowed to have my own quirks.

I am all too aware about how most people my age have little or no knowledge about savings. Most people I interact with, are either clueless, afraid or repulsed by managing personal finances (Heck! I couldn’t even find the tag — Savings for Millennials while I was publishing this post here).

The process of it begins with finding yourself in a place of new-found financial freedom, splurging on all the things that the parents didn’t allow us to spend on, then comes going out and paying for obscenely expensive drinks at clubs, which slowly proceeds to the second stage of being perpetually broke. By now, you are convinced that it’s the circumstances, cost of living, low pay package and you have no way to fix the situation. Then comes the third stage of panic when you see your liver gasping for good old water instead of alcohol, and your wallet asking for some respite from your love affair with different food apps every day. It is usually at this stage when I find my friends come to me with their bits and pieces, trying to stitch together a “new” them where they don’t live paycheck to paycheck. Although, please note that I am no financial expert, I am just a bit more savings inclined than my friends, that’s all.

In true millennial style, savings is the mindset change that probably doesn’t allow you to eat that avocado toast today but you might be able to buy the entire avocado toast shop in a few years.

Now I am anything but an expert in this matter, but my two morsels come from the sheer happiness that I find from seeing money grow. Consider saving like being in a relationship. It may seem boring and monotonous to others but the benefits that you reap out of them are plentiful.

Hookups are great for your never-ending libido along with the different shapes and sizes of bodies that you mingle with. But a committed relationship is like getting a cup of tea on a rainy day or finding somebody to share your struggles with.

Think of different saving instruments as types of partners who you can be in a relationship with. The best part? Unlike in real life, here you can choose to be polygamous without judgement. So here’s the lowdown for your next relationship partner:

ELSS — Equity Linked Saving Scheme is a tax saving instrument wherein the money you invest (upto 1.50 lacs/year) becomes tax free. Think of it as the girlfriend that pushes you get fitter, eat healthier and eat at home. You might hate it at first but by the end of the year, you’re leaner and more self-confident.

Fixed Deposit is the girl you take to your mama. She’s the one who prefers the traditional setup of a family. She gives you the old-world stability and stays by your side no matter what. These are parents approved so they usually never go wrong.

Stock Market is the supremely hot but kind of volatile partner. This one gives you great sex but also gives you the heartbreak of your lifetime if you’re too impatient or careless. She seems like a daunting partner to begin a relationship with but once you learn how to pleasure her and stay loyal to her, you’re a lucky man that all your friends are envious of.

Mutual Funds are the Beyoncé of saving instruments. She’s a great package in herself who pushes you to be better. And you realize that in eventuality the best thing for you is to stay loyal and committed to her for a lifetime. She’s the type that helps you find your balance in the long term and enables you to go for that avocado shop.

Finding yourself at the crossroads of adulting and living your life to the best can be daunting, but what really helps is an early start to being independent in true sense. And being financially sound helps you take the leap later on in life.

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