Mr. Husaini Kanchwala,
Head - Product - Investments. NJ Group
Husaini Kanchwala is the Product Head for Investments, having been a part of sales earlier. With an experience of over 15+ years in the financial services industry, Husaini is responsible for investment product promotions and tie-ups with manufacturers.
Dear Diary,
Couldn't sleep last night. Got the bad news of the salary cut by 20,000. And then the boss kept an early morning meeting of 9 am. Less salary, more work. Was literally confused how to cope up with the loss of 20,000.
After the meeting, the first thing I did was stopped my SIP of 20,000. I don't need that money tomorrow anyway. Savings can always wait. Rishabh is only 6 years old now, and I will be needing money for his foreign education only after 12 years, what's the hurry!
But, I don't know how? Within an hour of SIP stopping, I got a call from Ajit. He had only advised me to start the SIP. I told him clearly, there is no scope to continue the SIP. Already there is a lot of stress in life, you please don't give me your “gyaan” (knowledge).
Though I was shouting, Ajit, as usual, was very calm. He just asked me to make my monthly budget again and check what expenses have gone down and he will call back again tomorrow. Haven't got the time throughout the day, let me try to do it now.
Let me see where can I reduce my expenses
1. Home Loan/Car Loan EMI – No savings
2. Rishabh's School Fee – No change in fees
3. Electricity/Phone/Household expenses – No change in other expenses, but if AC is on for the whole day, the electricity bill will increase by 2,000.
4. Internet – A broadband connection is a must now, with so much data usage. Extra 1,000 expense of internet.
5. Petrol – WFH is on, no office trips, no weekend trips. 5,000 saved on petrol.
6. Movies – One movie with family costs 2,000, monthly 2 movies. Currently no scope of going to theatres. 4,000 saved
7. Eating out – One-time restaurant bill 2,000. 4 weekends 8,000. This also saved.
8. Shopping – No outing, no parties, no functions, so no new clothes, no new shoes. Monthly 5,000 saved
9. Gym – Really need to go to the gym!! Don't know when gyms will open, but need to stay fit. I'll buy a treadmill on EMI. Will run at home only. 2,000 EMI of the treadmill. Increased expense
10. Trip – Kerala Trip planned for the year cancelled. 1 Lac saved. Monthly saving 8,000.
Let's see what's the total
Increase – Electricity 2,000 + Internet 1,000 + Treadmill 2000 = 5,000
Decrease – Petrol 5,000 + Movies 4,000 + Eating out 8,000 + Shopping 5,000 + Trip8,000 = 30,000
Seriously!! Means Net Expenses down by 25,000!! Let me check again!! This can't be true!!
Rechecked and Verified. Salary down 20,000, Expense down 25,000!!! I never really thought about this. So many other wasteful expenses will also reduce, Bottled water @50/L, Parking, game zone. Just think about it, was spending Rs. 250 on daal in a restaurant!! Dalgona coffee at home tastes better than Star bucks coffee for 400! Will write name on the cup with my own hands!!
Thank you, Ajit, my friend for guiding me and opening my eyes. I was so tense for the whole day thinking that my salary has reduced, but actually, my expenses have gone down too. No question of stopping my SIP now. Rishabh will go to Oxford University only for his studies. I am thinking of increasing my SIP by 5,000. I also need to retire early!!
Good Night Diary