Page 8 - August 2022 Edition

ith consumerism and
overconsumption killing
Wthe planet and emptying
our wallets, it’s about time we
acknowledge that certain thrifty
habits implemented by our folks in
their day-to-day living, are just what
we need to adopt now, to maximise
our savings during the economic
slowdown. So, next time think twice
before discarding that garment which
no longer serves your purpose since
you could recycle it, or hold on to
those glass bottles and containers
which can be put to myriad uses in
your household.
According to Satishwar
Balakrishnan, Chief Financial Officer,
Aegon Life Insurance Company,
“When young people start earning,
most of them spend their salaries on
eating out, new clothes, and expensive
gadgets. But I remember how my
parents taught me to save for both,
short-term and long-term goals. LESSONS IN
I had made it a priority very early in
life to get myself a term insurance plan.
Also, a portion of my monthly
earnings is moved into funds for
earmarked objectives (kids’ education/
retirement/ holiday plan). This kind of
basic financial discipline assures one's
Remember how our parents were careful with money
stability in the long run. Also, think
before you spend. Give it a minute and and prudent with expenditures? Well, those thrifty
ask yourself if you really need it. That’s habits are the need of the hour
the rule I have always followed.”
We bring you a few crucial tips my grandmother, mother, and aunts were forgotten by most of us and are
that we need to learn from our using their old cotton saris to make coming back into practice,” she says.
parents to increase savings, the kanthas, which are layers of soft
old-fashioned way. cloths stitched together to use as
light blankets. At that time, I would
wonder why they undertook the Do you remember
One of the most cumbersome task rather than buying your father rotating
enduring memories them from the market. But now I his few good suits
that many of us have realise the importance of repurposing throughout his life?
of our parents is how rather than just discarding an object.” After all, in those
they would reuse and According to Dipika Jaikishan, days, suits were expensive and parents
recycle every little thing. Delhi-based Chief Investment Officer and could differentiate between a need
restaurateur Sharmishtha Mukherjee co-founder at Basis, a personal that had to be fulfilled right away
Cheema, 44, founder, Tenali—The advisory for women, one should and a luxurious want that could
Andhra Kitchen, remembers how reuse products and buy goods made be postponed.
the elderly women of her household with durable material (steel, cloth, Says Vineet Patawari, co-founder
would make blankets and quilts from jute) so you don’t waste money on of stock analytic app StockEdge and
old saris. “I have grown up seeing repeat purchases. “These lessons financial market learning portal

8 • PAGE3 LIFESTYLE • AUG 2022