Temptations galore, everywhere! Sometimes, one can’t muster up enough willpower to resist those temptations, and you end up spending your hard earned money, or the pocket money that was supposed to last all week. We have all had the experience of being a king at the beginning of the month and a beggar by the end. Hopefully, it teaches us a lesson or two about keeping tabs on our finances. The Week talked to a few people regarding their expenditure and saving habits.
Dipak Shrestha, 25
Businessman
I have been working since I was 15 years old. I started by helping my brother in his metal workshop and now, I own one of my own. I get to save around 30 – 50,000 rupees every month, but that doesn’t go to the bank in a savings account. Instead, I need that money to invest in the shop. Sometimes people don’t pay on time, and I don’t get the money for many weeks, which is a big problem. Fortunately, I earn enough to take care of myself, and even contribute some of my earnings towards the house. Over the years, I have learnt to not spend a lot and save as much as I can. This has enabled me to invest in land, which acts like a security for the future. People should be careful about how they handle the money, and finding a profitable investment is the best way to save for the future.
Bimal Kusi, 23
Hospitality Management
Expediting Capital Expenditure
I try my best to control spending urges, and spend on the most important stuff. I think prioritizing for expenditure has helped me with my budget, especially because I’m just studying, and don’t have a steady source of income. Previously, I turned to banks and their various saving schemes to increase my reserves, but there was a huge problem with it. Every time I thought I separated money to keep in the banks, I was bound to withdraw it the same afternoon, as I’d need it for this and that purposes. I have since then stopped putting my money in the banks and now, just keep it with me, so that it’s easier to take out money if I need it. Besides, I divide the money according to what I will spend and save on, and it has helped me a lot. You never know when you might need it again.
Chadani Khadka, 23
Student
I think I’m doing okay as far as my budget goes. I don’t work, so my only source of income is pocket money from my parents, but I think I’m managing it. I have got my basic necessities covered up, thanks to them, and I think a huge part of why I don’t suffer like the rest of my peers is because I’m not a shopaholic. I get the right amount of money that I need to spend on basic items, and try my best to save up from there if I have to go out with my friends or something like that. As I’m still studying, I haven’t worked anywhere, and my parents are okay with that till now, as they think that it will hamper my studies and want me to do well. And I’m sure once I start working, I will be sensible regarding my expenditures, as my parents have never complained of my spending habits till now.
Laxman Khatiwada, 24 Vice President of
Generation of Active Leader
The most effective way I have learnt to save is to directly deposit the salary into the bank. If you have money in your hands, you just have too many temptations. So that’s what I do, head straight to the bank to make a deposit into my personal account. It’s certainly tricky to maintain a steady budget in the capital. The market is expensive and compared to that the income always seems to be less. Still we are used to living up to a certain standard and we must maintain that. So to make myself more financially secure, I have been investing in shares for the past year. My brother who works in a development bank gave me the idea. Certain risks are involved in shares but I believe the returns are worth it. Besides shares, I see many youths making opportunities for themselves too. Some of my friends, for example, have even started business in sectors where the investment requirements are low like say street food or printing T-shirts. If you want to be saving for your future, it seems like you do need extra sources of income as well.
Ursula Singh, 26
Program officer at LOOM Nepal
I’m determined to be independent so I am paying for my Masters tuition by myself. This was my decision. I’m determined not to take any financial assistance from my parents. So considering the scenario, my budget is certainly tight. Every six months at the end of the semester, I have to hand in Rs. 32,000 by hook or by crook. This also means that I don’t have much money left to save. Sometimes it can be a worrisome thought but I believe that my education is an investment in itself so I don’t regret making the decision to pay for my degree. As far as the other expenses are concerned, there are many areas where money is needed. From medical expenses, hanging out with friends to even small things like printing your class notes, you need money for everything. But if you are vigilant enough I believe it’s possible to spend your money responsibly.
Suniti Bhattachan, 29
Business Owner
The earthquake has had an impact on my finances. Before the quake my retail store was running very smoothly, thus my income was steady as well. After the quake though, I had to close my store for an entire month. This certainly hurt my business especially since I was expected to pay full rent for even that month we didn’t run the store. It’s set me back financially and I expect it to be a struggle for a couple of more months. This retail store was my very first investment. So far I have no complains. I do believe it is necessary to have backups as well. I don’t have much knowledge in shares so I don’t take risks in that area but I do know a little about gold. So whenever I have little extra money I buy small amounts of gold. In times of emergency I believe it will come in very handy.
