Vatsal Ramaiya draws wisdom from the Bhagvad Gita and correlates it to how you can build a decent corpus to achieve a peaceful retirement.
Here's the first of the seven steps that will follow in the weeks ahead
Step 1: Building Your Akshaya Patra (The Inexhaustible Pot) for Everyday Needs
Hey Rohan, feeling overwhelmed by the thought of early sukoon (peace)? Vijay Uncle here, with a secret weapon: The Bhagavad Gita! This ancient guide to life holds the key to not just conquering the battlefield of Kurukshetra, but also the financial battlefield of early sukoon.
Think of Arjuna facing the Kaurava army. He needed not just a steady supply of food for the war, but also readily available resources for unforeseen situations -- a broken chariot wheel, a sudden attack on his camp.
Similarly, you need a safety net for life's everyday challenges -- a broken phone screen, a car repair, or even that unexpected birthday gift for a close friend.
That's where the Bhagavad Gita steps in, guiding you to build your very own Akshaya Patra (The Inexhaustible Pot).
The First Path: Building Your Akshaya Patra
The Bhagavad Gita emphasises the importance of fulfilling one's Dharma (duty). Your first financial Dharma is to create your Akshaya Patra -- a readily accessible pool of money you can use with a click of a button or a debit card.
This acts as your financial shield, protecting you from small, everyday expenses and allowing you to focus on your long-term savings meant for early sukoon.
Here's how the Gita's wisdom applies to your Akshaya Patra:
- Arjuna's Instant Needs: Just like Arjuna needed immediate resources for unexpected situations during the war, you need a readily available pool of cash for daily life's hiccups. This prevents you from falling into debt or jeopardising your long-term goals.
- Financial Samata (Equanimity): The Gita emphasises on maintaining balance. Having an Akshaya Patra allows you to handle everyday expenses without dipping into your long-term savings. This creates a sense of financial equanimity, allowing you to focus on your goals and avoid unnecessary stress.
Building Your Akshaya Patra in Action
- Track Your Expenses" Identify where your everyday money goes. For a month, track every expense, no matter how small -- coffee breaks, movie tickets, impulse online purchases. This awareness helps you identify areas to cut back and free up more money for your Akshaya Patra.
- Embrace Jugaad: Remember the spirit of Jugaad (frugal innovation)! Explore free or low-cost entertainment options -- visit libraries, museums with free admission days, or enjoy chai with friends at a local tapri (a small tea stall). The simple pleasures are often the most fulfilling.
Maximising Your Akshaya Patra
- Leverage Cashback Apps: Explore digital wallets and apps that offer cashback rewards on everyday purchases. These small savings can add up significantly over time.
- Discount Hunting is Not a Sin: Look for coupons and discounts before making purchases. Many online platforms offer deals and promo codes. Remember, a rupee saved is a rupee earned towards your Akshaya Patra.
- Negotiate, But with Respect: Don't be afraid to negotiate on prices, especially for non-essential purchases. The Bhagavad Gita emphasises righteous action (Dharma). Negotiate fairly and respectfully to stretch your Akshaya Patra further.
The Power of Small Savings
Building your Akshaya Patra might seem daunting at first. But remember, the Bhagavad Gita teaches us the importance of Karma (action). Every small step, every rupee saved, contributes to your financial well-being. Here are some strategies to make small savings a habit:
- The 52-Week Challenge: Start with saving a small amount, say Rs 500, in Week One. Increase the amount by Rs 500 every week. By the end of the year, you'll have saved Rs 137,800!
- The 'Spare Change' Piggy Bank: Keep a piggy bank specifically for spare change. At the end of the month, deposit the collected amount into your Akshaya Patra account. Even small coins add up over time.
- The 'No Spend Weekend' Challenge: Dedicate one weekend a month to avoid unnecessary spending. Explore free entertainment options like visiting parks, reading books, or spending time with loved ones. This helps you save money and appreciate the simple things in life.
Remember, Rohan, building your Akshaya Patra is the foundation for your early sukoon journey. It's your shield against unexpected expenses, allowing you to make informed financial decisions and pursue your retirement dreams with confidence, the Bhagavad Gita reminds us.
The Next Step: Conquering Debts (Except Home Loan) with Krishna's Kritya Nash (Action-Destroyer) Technique
Watch out for this space!
- Part I in the Series: FIRE Your Financial Dreams: Live Life on Your Terms
- Part II in the Series: Heal Your Body, Heal Your Soul
- Part III in the Series: How To Budget For Peaceful Retirement
- Part V in the Series: How To Conquer Debts: The Gita Way
Vatsal Ramaiya is a personal finance expert with 16 years of experience with India's top mutual fund houses. He blogs atm mfnow.in.
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