In such circumstances, building a buffer or emergency fund is the need of the hour. One way that households can build a buffer is by taking a hard look at their own spending and how they can curb it. For middle-class Indians, the pattern may look different with a lower share of income going to food. “You can make various heads such as grocery, eating-out/home deliveries, vegetables, Internet, electricity, online shopping, Uber (or travel), etc on an Excel sheet and enter the amount of money spent at the end of the day. “Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness.

Source: Mint November 04, 2020 15:45 UTC