The pandemic has not just reiterated the adage ‘health is wealth’, but has also forced many to keep a check on their financial health. With cash-strapped companies resorting to furloughs, layoffs, and pay-cuts, many from the salaried class are now seeking to tighten their purse strings. As noted by the recent consumer confidence survey of the Reserve Bank of India, drop in discretionary spends is another new development that is gaining the limelight, aside from work-from-home and social distancing.
Reduced sources of income have reminded us that money does not grow on trees, and hence, has to be spent judiciously. To achieve this, you should first assess your spending habits and track your expenses. This can help you set realistic budgets and curb unnecessary spending.
While you can track your expenses using good old methods such as diary notes, spreadsheets or ledger books, there are many fintech mobile apps that