Why do budgets fail for genZ?
How to Budget better
What is the most common reaction of people when we tell them that as GenZ, we start earning right from our teens?
“Your parents must be so proud!”
“You were always a bright one.”
“Shouldn’t you be elevating your grades instead or investing in crypto.” - Good burn,
Uncle Gupta but we disagree.
Earning from a young age is probably one of the best things we’ve picked from High School Musical (in addition to a crush on Zax Effron).
Well, earning is just the first and comparatively easy step we take to ascend the hill of growth. The real deal is budgeting to habitually dwell in the zen state of mind while partying indoors on a weekend. If earning your income and allocating it to uplift your lifestyle isn’t exactly making you as happy as Larry, fret not since you are not alone. The cause for this bitter taste of empowerment is failing to budget well.
According to us, the following are the top reasons why budgets fail.
1: You have trust issues, not just with Bae, but with money too
Committing to a plan is easy, but trusting in every painful move that brings you closer to a larger savings fund can confuse you.
2. Red flag the fairytales
We encourage planning, but who are we kidding, unrealistic plans are as good as pineapple on pizza.
3. You do not anticipate them now, but rainy days will be there
Your hard work is highly acknowledged and will reap benefits. But, an emergency can destroy plans. Hence, it is advisable to set aside money in advance to build your rainy day pitcher.
Now that the alligator is on the loose, how do we catch it?
1: Give every rupee a Name
What must be doing the most harm to your seemingly flawless budget sheet is segregating just the larger bits. The 50-30-20 rule is fantabulous, but to understand and commit to your spending patterns, it is necessary to dive deeper into specific buckets. Do your essentials include the cost of petrol and, do your guilt-free balances include the cost of Aryan’s birthday gift? Plan for each contingency and expenditure in advance. Galgal helps you create buckets under essentials, guilt-free, and savings pitcher so that you can have the detailed budget inside your phone screen, and help you skip the nightmare of mental accounting.
2. Do not copy-paste one month’s budget to the Next
Every month is different because every month has another of your best friend’s birthday who might not necessarily like chocolates as a gift. Ganesh Chaturthi and Rakshabandhan fall in the same month so, there go the extra bucks on outfits.
Creating a budget with Galgal is easy, and recurring payments are taken care of with auto-pilot.
3. Comparisons are not so Cool
Your archenemies from college might have bought the Zara dress this month and is killing it, but you are saving for a nomadic vacation with your friends’ group. Trust in your cause, and think how good Ladakh will be!
We already know you are smart and will now excel in financial smartness with Galgal. We will help you achieve all you have been aiming for in financial independence. Next time Mr. Gupta points at your grades, treat him to a Mojito! (Add that to your budget!)