Beginners may opt for 50:30:20 strategy for simplifying budgeting

Evolved users should opt for the traditional approach of tracking expenses and eliminating frivolous ones

Household financial savings moderated in the third quarter of 2020-21 (FY21) to 8.2 per cent of GDP. This was the second consecutive quarter of moderation, according to data from the Reserve Bank of India. Even though household liabilities moderated, this was more than offset by weakness in the growth of household financial assets (like deposits, life insurance funds, provident and pension funds, and so on).

At a time when many households have suffered job losses and reduction in business revenues, there is a need to rein in expenses. And the best way to do so is by developing and sticking