When I first asked myself, “how do I stop overspending”, I did not realise that answering this question will require so much drilling inside my mind. Why mind? Because overspending is caused more due to psychological limitations than anything else. I hope you agree with my forethought.
If we do not want to spend money, nobody can force us to spend. Similarly if we want to overspend, even external coercion against it, cannot stop us. What does it mean? It means, to stop overspending we must first take our minds into agreement. How to do it?
|Current Age (Years)||Child’s Current Age (years)||Have You Purchased Your First Home (Yes/No)|
|Retirement Age (Years)||Fund Required for Child’s Higher Education (in today’s terms) (Rs.)||Present Value of Your First Home (Rs.)|
|Net Income Per Month (Rs.)||Fund Required for Child’s Marriage (in today’s terms) (Rs.)||After How Many Years you plan to buy Your 2nd Home (Rs.)|
|Total Monthly Expense (Rs.)||Present Value of Your 2nd Home (Rs.)|
|Current Accumulated Retirement Savings-EPF (Rs.)||Self Contribution for 2nd Home (%)|
|Current Contribution to EPF/month (Rs.)|
|Reduction of Current Expense to Retire Today(%)|