Mumbai locals can teach you a lot about finances. Read on to know more.
If you live in Mumbai, or have had a chance of spending some time in that magical city, you’ll know why people swear by the local trains. Mumbai local trains are like the lifeline of the city. People from all walks of life commute by locals daily.
What makes them so great? Apart from helping travel from one part of the city to another, how else do they help? Looking at them from a money angle, they sure have some crucial financial lessons to teach. Here are seven:
Class Matters
If you’ve travelled by the Mumbai locals, at least once, you’ll know that class really matters there. You can’t take a second class ticket and then travel by first class. You can sure take that risk, but it’s only a matter of time and you’ll find yourself paying a huge fine.
Additional Reading: 6 Incredibly Smart Ways To Maintain A Watertight Budget
When it comes to our financial life, we all have a dream of jumping one class up, each time we get. To do that, we just need to focus on one thing—saving right. Savings involve a lot of other things like budgeting, investing in the right places etc. Once you get all these aspects right, you can actually jump to the class you’ve always dreamt of (without having to pay a fine).
Milestones Count
The Western line of Mumbai locals alone has 37 stations (as of now). All these stations/stops are totally different from each other and known for entirely different things. For example, while Bandra has some of the best cafes and pubs, you can get the best vintage and décor stuff at Colaba Causeway.
Similarly, when it comes to our financial life, it’s all about different milestones. When we start earning, that’s achieving the milestone of financial independence. Later, buying a new car/house, saving up for further education or even for a grand wedding—all these mark different and important phases of life. It’s all about being prepared for all these phases. Here’s when those investments will come to play. You can start by opening a small Recurring Deposit to develop the habit of saving. Later, you can switch to better ways of saving like Fixed Deposits, Mutual Funds etc.
On Time, Every Time
If there’s one thing you can definitely learn from Mumbai locals, it’s time management. Except for the fierce monsoon season, there’s hardly any day when they don’t run on time. Timing is crucial when it comes to finances too. Be it your Credit Card bill payment, loan EMIs or utility bills, make sure you pay them all off on time. If you fail to do so, it can damage your Credit Score.
A poor Credit Score can mean a lot of loan and Credit Card rejections. Who wants that! Better be on time than being sorry later.
Additional Reading: 7 Ridiculously Simple Ways To Pay Your Credit Card Bills
Too Many Distractions
Any local at any point in time is always filled with different kinds of people (nice and weird, both). You might see someone dressed up in formals for a job interview on one side and someone chopping vegetables on the other side. Basically, there are tons of distractions around, all the time. The key is to focus on your stop and not miss it.
The same principle applies to your financial life. At any given point in time, you are likely to be surrounded by tonnes of possible expenses (distractions). The key lies in prioritising right and spending only on things that are unavoidable. You need to have an order of priority in your head and then function accordingly. Paying the electricity bill or rent always comes before throwing a weekend party for your friends. Plan well, mate.
You Are Responsible For Your Own Safety
Travelling by Mumbai locals is nothing less than a daily adventure. Given how crowded they can get, finding a spot to stand without getting crushed or pushed off can be a task. You need to be alert and responsible for your own safety.
It goes without saying that you need to be extra cautious when it comes to your hard-earned money. It means more than just keeping your wallet safe. Going paperless is one way to go about it. That way, you don’t have to worry about carrying loads of cash everywhere you go. Other safety measures include keeping an emergency fund handy. You never know what can go south and when!
Additional Reading: 5 Simple Yet Effective Investment Options For Your Emergency Fund
Malleability And Ductility
If you vaguely remember those Science lessons from school, you will know what this is about. In order to travel by Mumbai locals, you need to be both malleable and ductile. Getting crushed in a huge crowd sure is a test of your tensile strength.
In case of finances, malleability and ductility hold true too. That means it’s never too late to twist and turn them to make them fall in place. No matter how big a mess you’ve created, you can always fix it. You might need some solid advice, but it is doable. Never giving up is the key.
A Little Jugaad Goes A Long Way
We all know what jugaad is. Even if you’re unfamiliar with the word, it’s something you do on a daily basis. According to the common definition, it stands for finding a low-cost fix to a problem in an intelligent manner. Sound familiar, doesn’t it? While travelling by the locals, you’re likely to see people around using all types of jugaad. Things like using a safety pin to hold those otherwise about-to-die chappals together, people using huge garbage polythene bags as a shield against rain and what not!
Sometimes, all you need to fix your finances is—jugaad. Finding a low-cost, genius fix to a problem. If you are someone who finds it too difficult to save, start investing in a Recurring Deposit. If you have free coupons, don’t forget to use them. Sign-up bonuses and small discounts and rewards might sound meagre at first, but they sure make a lot of sense when you’re broke. Instead of spending your cash, look for a ‘pay later’ option while ordering food (provided you pay back in time).
All these simple lessons can help fix your finances. Try them out today and let us know your feedback.
Looking for more? Invest in a Fixed Deposit today and see your money grow.