“Are Indians frugal?” As an Indian, I’ve come up with this question today. Well, when I look around me, I feel some Indians are frugal but some Indians are not aware of the concept of frugality. Here I think that the older generation of India is more frugal than this new generation.
Well, I’m in my early 20s. As per my observation my grandma, grandpa, uncles and aunts are more frugal. All of them have seen the hardships in life and they know the value of a single rupee. Whereas my cousins and some of my friends don’t have the word ‘frugal’ in their dictionary! Also in India, some people think that being frugal and being cheap both are the same. So instead of adapting frugal living, ignorantly they adapt cheap living to save some money.
In reality, being thrifty is different from being cheap. How to know whether you are frugal Indian or not? Well, if you are very resourceful and living your life well by spending your money wisely then you are a frugal Indian. As an Indian girl, I can’t say that I’m very perfect in frugality. But day-by-day I’m learning to be more thrifty. For me, frugal living is like a life long journey. So in my current blog, I would like to share my experiences of frugal living.
Are Indians frugal? Know who are frugal Indians
In past, Indias were faced a lot of money related struggles in life. So they have realised the value of money and adapted frugal living. But the sad thing is- this new generation does not think much about frugal living. They feel frugal living is a very boring life.
I’ve observed that Indian parents show a lot of love and attachment to their children. Here parents do not share their money related struggles with their children. So I feel, this is the main reason that the older generation of India is more frugal but youngsters do not realise the benefits of frugal living.
Here what I’m trying to say is- in my childhood and teenage my parents did not fulfil my all silly demands. I did not get all the costly toys, gadgets and all. But it does not mean that my parents don’t love me. But they are adapting frugal living. And even they wanted to teach me the value of money in my childhood. So whenever I heard “no” from my parents to my silly demands in my childhood I’ve realised the importance of money. All these life lessons taught me to adapt to frugal living as an Indian girl without depriving myself.
11 Interesting laws of frugality: Are Indians thrifty?
Every individual is different. Frugal living also depends on the lifestyle and sensibility of a person. Some people are sensible enough to adapt frugality on a daily basis. But some people just started to understand about frugal living. So here I would like to bring come aspects of frugal living. If you have smart answers for these 11 questions then you are a frugal Indian.
|1. Do you know how much money you will be having after a year?|
|2. Which things do you consider while spending money on shopping?|
|3. Do you have multiple streams of income?|
|4. Do you have your own vehicle?|
|5. Do you think twice before replacing old things with new one?|
|6. Are you learning to make money through money?|
|7. How much money have you saved until today?|
|8. Have you wasted your money ignorantly?|
|9. On which addiction do you spend more money?|
|10. How many times have you get cashback?|
|11. Do you demand costly gifts from your parents?|
Now think about these 11 frugality questions. I hope you have answers for all these questions about frugal living. Now I would like to answer all these questions below. If you are thinking – “Are Indians frugal?” then all these answers will help you to understand the depth of frugal living.
1. Do you know how much money you will be having after a year?
Having practical saving goals in life is a part of frugality. When I was doing a job, my saving goals were very clear. I knew that I should save money to invest it in my career. So I used to save the maximum part of my monthly income. To be honest I used to save more than 70% of my monthly income. So do you have such pre-defined practical saving goals? If yes, then you are on the right track.
Saving plans are part of frugal living
As I was very clear about my saving goals I asked my colleague cum friend about her saving goals. And her reaction was like “saving” was not her cup of tea. And she used to spend more money on clothes, travel and unnecessary things. So if you are also not having proper saving goals in life then this shows that you are not more frugal in life.
So have at least one financial goal in life. Trust me, financial gaols helped me to be more frugal in life. When you have a particular goal then you start to think about how to save money. So this type of thinking will boost frugal living in your life. I’m curious to know what’s your saving goal for the year 2020. Let me know about your saving goals in the comment box. Well, in 2020 also I want to save 70% of my income.
2. Which things do you consider while spending money on shopping?
Do you analyse your buying behaviour? No? well, it’s very important to observe your own spending habits. Analysing the spending habit is also a part of frugal living. Whenever I want to buy something or if I come across any attractive offer and attractive product online then I don’t buy it immediately. I prioritise things. I analyse whether I really need those things or not. This is how you should also analyse your needs and greeds.
Practical ways to be frugal while shopping
Always list out your needy products before visiting the market. And don’t add any extra unnecessary things to your list. Stay away from browsing online stores. This will end up in impulse buying. So whenever you browse the internet have control on your online shopping. I say- think 10 times before you click on “buy”. These simple steps help you to to save and build wealth.
3. Do you have multiple streams of income?
As an Indian young girl, in my 20s I’m creating exploring multiple sources of income. Even I have explored some passive income streams. I personally feel that one should increase the earning capacity along with being frugal. One should not settle for one fix monthly income. You must always try to push your earning limits. I collect more information about different income streams and I try to explore all streams.
In my life, I’ve explored many income streams such as affiliate marketing, ebooks and much more. You can check all other various income streams in my other blog post. And I would like to know in the comment box how many income streams have you added to your portfolio? If you have a single source of income then now it’s the right time to explore multiple streams of income. Art of earning money is also an important part of frugal living in India.
4. Do you have your own vehicle?
I did not buy my own scooty just because my friends have their own vehicle. And the distance from my home to school and college was walkable. So having my own vehicle was not my need. And now also I use more public transportation. I never use any vehicle to reach very nearby places instead, I prefer walking.
I’ve seen Indian teenagers, who demand their own vehicles. Do you think investing money on vehicle and fuel is worth? If you are sensible enough then you will be using more public transportation rather than buying a new vehicle. You must make smart moves with your money.
5. Do you think twice before replacing old things with new one?
Usually, I think twice before replacing old things with a new one. First I see whether the old can be repaired or not. And I try to fix the issues with the old things instead of wasting money on buying a new one. I believe in optimisation. You must also learn to make the most effective use of a resource. This is the main thing in frugal living. One must not waste anything.
If you ask me – Are Indians frugal? Then I say- If any Indian is not wasting anything and making the most effective use of resources as well as money then surely that Indian is frugal. Just by not wasting the things you can save a lot of resources and money. So learn to value and realise the importance of resources and money.
6. Are you learning to make money through money?
As I’m walking on the path of frugality, I’m also learning to make money through my money. Saving money is really good but after saving money one must know what to do with that money. I really like the concept of making money with money. The day when your money starts to make enough money for you that is the sign of financial freedom. So use your money properly. You must know where you should invest money so that in future you earn more money. So learn to make money.
7. How much money have you saved until today?
I started to save money in my school days. Whenever I was getting pocket money from my parents I used to save some part of my pocket money. I had my own piggy bank in my childhood. I was not wasting my money on unnecessary things.
Many people think that they are not earning enough money to be saved. But I say- even jobless teenagers can save money. One must not have any wrong beliefs and myths related to frugality and saving money. As practically I used to save money in my school days as a jobless teen. So I can say that even you are not doing a job yet then also start to save money. The early you start the early you grow financially. Trust me, by being resourceful you can start to save money in your teenage.
8. Have you wasted your money ignorantly?
Well, nobody is perfect. So I’ve also made a money mistake. To be honest I made one money mistake and that was my first and last money mistake. Due to that mistake, I lost my 3,000 INR. My cousin applied for a job and I too applied for that online job. Then they demanded 3,000 INR and without thinking much we transferred money. This was really stupid of us to do this money mistake! But I’ve learnt from this mistake.
Now I don’t blindly trust any advice of my cousins or friends. I do my own research when it comes to money. So with this bad experience, I’ve learnt how to handle the fraud schemes. So I advise you to be careful while spending your money. Do your own research about any schemes. Never act ignorantly.
9. On which addiction do you spend more money?
Well, I don’t have any such addictions where I plunk down my money. But I’ve seen some of my friends who are addicted to pizza!! Yes, they love pizza more and they spend a lot of money on eating pizza. So if you have any specific addiction then cut down your cost. Don’t waste money on your addictions.
There are also very dangerous addictions like smoking, I’ve seen that young school-going children are getting addicted to smoking in India. And many people in India consume ghutka (chewing tobacco). Spending money on such unhealthy things are not at all appreciated. This will harm your pocket and also your health. So stay away from such addiction where you lose your money as well as your health.
10. How many times have you get cashback?
Nowadays we can call India as Digital India. Many people using net banking and even other apps like Google Pay to make payments. Even in shops, we can use cards to make payment. And some apps like Google Pay provides cashback opportunities. This app is very safe to make online transactions and who does not like cashback, right? Sometimes even I’ve received cashback from such payment apps. So as an Indian stay updated with technologies to save money on shopping. Even you can pay all the bills through this app. So grab all the opportunities where you can save some pennies. Learn to be frugal Indian.
11. Do you demand costly gifts from your parents?
In India, parents show a lot of attachment to children. And as per my observation, ’emotion’ is also an important factor which influences spending. So Indian parents must teach their kids to be frugal without fulfilling all the demands of kids.
If you are a student and demand costly gifts from your parents then this can’t be called frugal living. As an Indian youngster, you should start to support your parents financially from teenage. So adapt simple living and be thrifty Indian.
Now I want to ask you- Are Indians frugal? Are you frugal as an Indian? If you analyse all these 11 aspects then you can have control over your spending habit. Take simple steps to adapt frugality today as an Indian. Be a happy frugal Indian.