The best money advice I ever got

The best money advice I ever got

I would’ve made a joke about how cliche it is that a Sindhi would write about money, but I already made that joke in my previous post.


No, I do not belong to the top 1%. Probably not even the top 90.31%. But over time, I’ve come across some amazing tips on personal finance that have helped me be content with where I’m at financially.  This post, I’m listing out the best tips I’ve come across and follow. Note: All of these tips are easy-to-follow. I’m a 21-year-old. I’m not gonna tell you that you need to invest in bitcoin/xyz index liquid funds… Starting off with:

  1. Change your bank
    I did not have much knowledge when I set up my first savings account. This was one of the top banks in India, and it paid interest of about 3.5%. I was only 18 and my parents deposited the minimum balance and gave me a debit card which I was to use only during emergencies. Life was good, right? I remember receiving SMS notifications on interest being credited and I would thank the lord of compounding. It was only after 2 years that I realized there are banks out there who pay nearly double the interest. I did a bit of my research, figured out which bank would be the best for me and signed up immediately. The thing about compounding is, the earlier you start, the better it is. Sometimes, I can’t sleep at night at the thought of how I could’ve doubled my interest in the two years(what a Sindhi)
  2. Stop paying for your small expenses via cash
    Remember the good old days when Tez (Google pay) was new? And almost every scratch card would give you some return? Well, there are still apps out there who will pay you for using their service. For example: Phonepe gives you cashback for shopping for groceries from stores near you. You might not get 100% cashback, maybe not even 40%. But, something’s better than nothing, right?
  3. Big expenses? Bills? Credit card
    I can’t believe I didn’t think of this until the last month. Not only do you get reward points/cashback from your card provider, BUT you also sometimes get special discounts on your purchases from e-commerce stores like Amazon, Flipkart, BUT you also get rewarded for paying your bills on time(through CRED/Phonepe). And yes, use your credit card smartly, do not buy things which you cannot afford, do not buy things that very overpriced, and especially do not buy professional bass fishing sets (if you think I’d go a single post without ‘the office’ reference, you must be crazy and you should burn your foot on a foreman grill – okay my bad, I got too excited with the double joke).
    Before I got myself a credit card, 4th tip was my go-to, read below. 
  4. Use one account/debit card for your expenses
    Every month, as soon as my salary gets credited – I set aside 10% of it for my expenses – my discretionary expenses, this 10% stays on the salary account, the rest gets moved to the savings account. Three reasons for this – 1) More control over how much I spend per month 2) I get a higher rate of interest on my savings than my salary account(POWER OF COMPOUNDING) 3) Easier to track, I don’t have to do the addition to know where I’m at financially. I just have to remember the savings account balance. 
  5. Track your expenses
    This is important. I even wrote a full post about this.
    I’ll just say this, once I started tracking my expenses, I felt in control, I was able to make more clear decisions because I knew where my money was going.
  6. Investments are not always in funds/deposits
    A wise man once said “All the items that you use on a daily basis, for example: a car, watch, mobile, bike – treat them as investments” A wise man also said, “Karan needs to stop using this quote”.
    This used to fuck me up before because I would feel guilty after a big purchase. But realizing that the benefits of purchasing a better product (that you ‘love’) by putting in a little extra outweigh the benefits of saving a buck and going for a product that you ‘like’ was really crucial for me. 

I hope this post has been helpful to you. You don’t have to thank me. 

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You can just send me a 10% of whatever you earn/save starting from now because duhhh… you wouldn’t have earned/saved that much if it wasn’t for this post, right? right? 

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