In a UPI-First World, a Mumbai Finance Expert Shares What’s Helping Young Indians Save
For a lot of young Indians, 1 April isn’t just about taxes or salary cycles . It’s that moment when you open your bank app, scroll through recent spends, and think, “Okay, this year I’ll actually get my money sorted.” But between endless UPI taps, late-night food orders, Rs 299 subscriptions you forgot you signed up for, and impulsive “add to cart” moments, saving often takes a backseat, especially for young earners in the Rs 3.5–Rs 8 lakh range across urban India. According to Rohit Rangan, a Mumbai-based investment professional, the problem isn’t income; it's often how we approach money. “Most people operate with an ‘earn to spend’ mindset. The shift needs to be towards ‘earn to build’,” he says. Here are 7 simple, actually doable money habits, backed by expert insights, that young earners can realistically stick to this year. 1. Start with tracking, not budgeting Before setting targets, understand reality. Rohit suggests starting with a simple exercise: track every expense, no matter how small. “Write down everything: travel, food, groceries. Once you see the data, patterns emerge. You’ll know exactly where your money is going and what can be cut.” This is especially important in a world of frictionless payments, where money often leaves your account without you noticing. Try this Track daily or weekly spends Use a notebook, Notes app, or Excel Focus on consistency, not perfection 2. Flip the formula: Save first, spend later Most people spend first and save what’s left. Rohit, a member of
In a world where instant payments and endless digital options make it easy to lose track of money, young Indians are increasingly finding it challenging to save. For many, April 1st isn't just about taxes or salary cycles—it's the moment when they open their bank app, scroll through recent transactions, and think, "Okay, this year I'll actually get my money sorted." But between endless UPI taps, late-night food orders, Rs 299 subscriptions forgotten about, and impulsive "add to cart" moments, saving often takes a backseat, especially for young earners in the Rs 3.5–Rs 8 lakh range across urban India.
Rohit Rangan, a Mumbai-based investment professional, believes the problem isn't income; it's often how we approach money. "Most people operate with an 'earn to spend' mindset. The shift needs to be towards 'earn to build,'" he says. Here are seven simple, actually doable money habits, backed by expert insights, that young earners can realistically stick to this year.
1. Start with tracking, not budgeting
Before setting targets, understand reality. Rohit suggests starting with a simple exercise: track every expense, no matter how small. "Write down everything: travel, food, groceries. Once you see the data, patterns emerge. You'll know exactly where your money is going and what can be cut." This is especially important in a world of frictionless payments, where money often leaves your account without you noticing. Try this:
- Track daily or weekly spends
- Use a notebook, Notes app, or Excel
- Focus on consistency, not perfection
2. Flip the formula: Save first, spend later
Most people spend first and save what's left. Rohit, a member of the Gen-Z clan himself, recommends the opposite and goes a step further. Aim to save up to 50% of your income over time, not all at once. To illustrate the impact, he shares a simple example:
- Saving 30% of Rs 10 lakh annually could result in Rs 4.8 lakh in five years (at 10% return)
- Saving 50% could result in Rs 8.1 lakh
That's a difference of over Rs 3.3 lakh.
3. Automate your savings
Once you've identified areas where you can cut back, automate your savings. Set up a direct debit from your bank account to a high-yield savings account or a mutual fund. This ensures that a portion of your income is automatically saved, reducing the temptation to spend it.
4. Cancel unnecessary subscriptions
In the age of digital subscriptions, it's easy to forget about the Rs 299 here and Rs 499 there. Rohit advises regularly reviewing your subscriptions and canceling the ones you don't use. This can free up a significant amount of money that can be redirected towards savings.
5. Use the 50/30/20 rule
While Rohit encourages saving up to 50% of your income, he also suggests using the 50/30/20 rule as a flexible framework. Allocate 50% to needs, 30% to wants, and 20% to savings and investments. This balance allows for some flexibility while still prioritizing financial growth.
6. Limit impulse purchases
In a world of endless digital options, impulse purchases can quickly add up. To combat this, Rohit recommends setting a daily or weekly spending limit and sticking to it. If you find yourself tempted to buy something unnecessary, ask yourself if it's a need or a want, and whether it aligns with your financial goals.
7. Educate yourself about investments
As you start saving, consider learning about investments. Rohit believes that understanding the basics of investing can help young earners grow their savings more effectively. There are numerous resources available online, and even small investments can yield significant returns over time.
In conclusion, saving doesn't have to be a daunting task. By adopting a few simple habits and shifting from an 'earn to spend' to an 'earn to build' mindset, young Indians can take control of their finances and build a secure future. As Rohit Rangan aptly puts it, "The journey to financial stability starts with small, consistent steps."
