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Money Management and Lifestyle Maintenance

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– how to earn, spend and save money without denting your lifestyle


Money Management Tips
Whether it’s in the newspapers or on the television, it never ceases to amaze me how much Money features in it. Think about it, just watch the news on television and you will see that there is no end to inflation – if the price of food is not going up, then the price of petrol is which further escalates inflation and the cost of living. A pity that our salaries don’t go up with inflation!


It becomes worse if you are working in an industry that is being impacted by recession, companies are downsizing and pink slips are being handed out. If you’ve ever been made redundant, then count your blessings because you are better prepared if that ever happens again. That is a valuable although painful lesson. For those of you, who have not experienced it, better to be prepared with good money management habits to help you survive the experience better.

While inflation, stock market performance and the prospects of unemployment are not within your direct control, managing your money is and there is no reason to downsize your lifestyle – not yet.  

Pink slip money management is another story but for the interim, let us focus on money management during inflationary times and how we can actually save money without denting our lifestyle.


Make Friends with Money 

If Money is a challenge that you really want to fix, then I invite you to my teleclass titled Unleash the Energy of Money that is available on Teachable for just $10. Click here to learn more ( a new window will open to Karmic Ally Coaching’s online school)  or on the image below to access the replay.

Update: 16 April 2018: You are invited to sign up for the Financial Literacy Month teleclass 3 important actions you need to manage your money.  Click on the image to be taken to the sign up page. A new window will open with all the details.


Finance teleclass invite from Karmic Ally Coaching




4 Things you can do today to get your Money under control


Over a series of posts, I shall share tips that make a difference. All these tips have been tried and tested and do work. Pick those that work best for you and action them. You will see the difference in your money management, savings and maintain a comfortable lifestyle. Make your Rupee (or Dollar) go further!


Tip No 1  Understand your spending habits by making budgets

I firmly believe that everyone should create a budget, even if it only on a monthly basis. A simple tally of sources of income for the month compared to anticipated costs will help to under more about your spending habits as well as ensure that you live within your means. Many times, people don’t really know where they are spending their money and find that they are in the red nearing month end and if a major expenditure comes along, they have to dip into their savings. One you see your income and expenditures on paper, not only will you manage your finances better, but you might just change your spending habits.  .

A simple way of making the budget would be to outline the confirmed sources of income like salaries and the anticipated sources like bank interest and dividend payments on the one side and the fixed expenditures like rent, and interest payments, and variable expenditures like utility bills, petrol, internet charges on the other. Factor in the one-off expenditures like insurance premiums and medical check-ups as well to get a feel of your money balance for the month.

Remember, nothing is carved in stone and if a variation takes place in the middle of the month, put it in or else make a note so that you can use that information and your experience to get your budget right for the next month. Control those factors that you can.


Tip No 2     Planning

Planning is a great way to save, not to mention getting the most out of your money. . If you’re going to the market and particularly to a mall, make a list of what you need and stick to it. Be particularly careful in malls….in Delhi at least it appears that nobody seems to be buying much and there are perpetual sales in many mall shops. At one particular mall that I visited recently, the security guard in front of a retail shop catering to teenager and younger women tried to persuade me to at least walk-in to the shop. Sounds pretty bad especially if it has been a decade or two since you were in the right age group and most mothers know better than to buy their teenage children clothes.

You certainly don’t want to come home with stuff you really don’t need just because there is a buy 1 get 3 free offer going on or there is a discount at your favorite shoe store and you end up buying 4 pairs of shoes of which 3 will never be worn because they don’t match your wardrobe or the fitting does not compliment your feet.


Tip No 3    Setting Realistic Goals

When it comes to financial planning, it is advisable to break your goals into short-term, intermediate-term, and long-term. Better yet, set milestones for the intermediate and long term goals. Being able to see your accomplishments is a great motivator for you to work hard at saving.

Achieving the short-term goals of saving will encourage you to keep saving for the intermediate and long-term goals. At the same time, the goals that you set for yourself should be achievable and realistic. Planning to buy a house and paying off your mortgage in 3 years when you know that your resources make the mortgage payoff possible only in 10 years will not give you any encouragement to save and you may end up hurting your lifestyle rather than keeping the status quo.


Tip No 4  Stop Competing with Others 

Competition is natural and as long as it is healthy it is good but one needs to know when to draw the line. You do not have to compete with anyone. Be proud of what you have and who you are. It is perfectly alright to want the best that your money can buy, but it should be something that you want for yourself and not to impress others or because EVERYONE is buying it.

If your budget is X amount for a stereo and by paying a little more you can upgrade to a better model, then, provided it fits into your budget and you can honestly justify the upgrade, GO FOR IT. Wanting to keep up with the Jones’s is not healthy and can create much bigger financial problems for you. Stick to what you can afford regardless of what anyone else has or pressure you might be feeling.


These are four important tips for the week in managing your money and require some thought. To begin saving money without compromising your lifestyle requires a bit of introspection and habit modification.  I prefer to call this a shift in mindset towards money. A truly happy and content person realizes that money is a means to an end and not the end itself.Look out for next week’s post when we look at some practical areas to implement money management.

In the meantime, remember to sign up for the teleclass here and let me know which of these tips was most helpful for you.

Coins by George Hodan

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18 Responses to “Money Management and Lifestyle Maintenance”

  1. Great tips and I enjoyed, as well as refreshed my knowledge, while listening to your podcast. I know many people with money woes. Fortunately our family lives within their means & some follow a budget.Interesting that the 2 who follow a budget have very hi incomes. Both studied about money management. We are grateful they are financially savvy & sound. Best to you on New Year & I look forward to your future tips.

    • Karmic Ally says:

      I’m delighted you found the teleclass useful as a refresher, Roslyn. Mission accomplished! When we are caught in a money woe trap, it makes any possible solution overwhelming and the aim of this teleclass is to help raise the listener’s vibrations and guide them into the realm of solution oriented possibilities along with practical suggestions that can be implemented immediately. All the best to you and your family in 2016!

  2. Lisa says:

    Ahh money..this is high on my priority list for 2016, recently let go of a well paying job after 13 years. It is taking time to adjust to new financial situation but with planning and creativity it can be done. I need to sign up for the telecast, great read, easy to follow, and good take home advice. Thank you!

    • Karmic Ally says:

      Congratulations on your decision to follow your heart and chart out a new path for yourself. Money will be a priority and high up on your list this year while you set up and implement your game plan, Lisa, and the teleclass will be useful in helping you make the mindset shift and especially Strategy 5 in the call which is ideal for your new situation. Best of luck and may 2016 be the year you want it to be!

  3. Deb Nelson says:

    Great tips as we enter this new year. Money is such a tough area for so many people – I see people competing with family members or colleagues to see who can buy the most stuff or go on the most trips or feeling entitled. Yikes – glad my husband and I have a reasonable plan in place. Reasonable because we’re living within our means. Glad for these reminders – budgets, plans, oh my=>

    • Karmic Ally says:

      I see a lot of what you mentioned Deb in real life. My principle is to follow the Hindi saying ‘ stretch your feet only as far as your bed sheet’. 🙂 Living beyond one’s means is dangerous unless we have a saving plan in place too. I remember way back in 2008 when the global recession hit the younger generation in India and for the first time, professionals faced redundancy. Workers are used to it in plants but not your ‘white collar’ worker. Many had taken home loans that they couldn’t service and I suppose it was a drastic but humbling experience. I’m glad you and I are sailing in the same boat!

  4. Great tips and I also enjoyed listening to your replay Vatsala. The essential oils idea really intrigued me and I am going to find the perfect oil for my bills. I don’t have a wallet or a purse I carry, so often everything is in my pocket, ready to spend.

    The funny thing about planning is that life has a way of showing up and turning those plans a bit upside down. Today I had a service person come for my built-in vacuum system and ended up having to buy an entire new unit. Not at all what I was planning for!

    My goal this year is to start asking to be paid for my skills and talents, as often I offer these with enthusiasm quite freely. I know the Universe is always supporting me, so I continue to trust that things are in flow, with money being one of them!

    • Karmic Ally says:

      I’m glad you enjoyed the post and the replay too, Beverley. Patchouli is the oil that I was referring to. You can also improvise by spraying Patchouli fragrance on yourself if you aren’t carrying a wallet or purse.

      The new vacuum system that became an unexpected but necessary expense can be managed if you have an Emergency Fund in place, by setting aside money under the JARs Method or even saving a percentage of cash inflow every month in an interest bearing savings account.

      Generosity is good but not at your expense Beverley. I learned that lesson the hard way a long time back and while I still do lots of pro bono work, it has to be justified in my mind. The Universe does provide for us Beverley. More power to your good work!

  5. Robin Strohmaier says:

    Happy New Year, Vatsala!

    These are fantastic tips on getting money under control, Vatsala. I have used a budget for many, many years and by doing so, it has helped us manage our money more effectively. Planning and setting realistic goals seem to go hand-in-hand, don’t they? My husband and I followed Dave Ramsey’s principles. Have you ever heard of him?

    Your last point is so important and a hard one for some to overcome.

    Again, great tips! Wishing you joy, happiness, peace, and success in 2016!

    • Karmic Ally says:

      Happy New Year to you and your family, Robin. You are right, planning and setting goals do go hand in hand. I always save about 10% of my incoming resources in a special fund to cover any emergencies or as we call it in India, a Provident Fund. Dave Ramsey is great and yes, I have heard of him. 🙂 His principles are good if you are trying to get out of debt and I understand that he has lived the experience himself. Of course, as with all financial gurus, there are supporters and detractors but there is always that one person whose message gets through to us when we need to hear it.

  6. K. Lee Banks says:

    These are excellent tips. Printing out our budget has helped my hubby and me pay more attention. Planning and setting realistic goals are all things we endeavor to do. Competing with others is not something we have ever tried to do.

    • Karmic Ally says:

      Putting things down in writing by hand helps to connect our intention with our sub-conscious mind, Karen, which gives our goals a better chance of successful achievement. I’ve got some other useful tips in my book Goal Achievement Simplified which works for financial goals as well.

  7. Happy New Year Vatsala!

    Fantastic and easily implemented tips for money management you have shared!
    Thank you! Always a good thing to know better ways to manage money 🙂

    • Karmic Ally says:

      Happy New Year to you too Joan!

      Managing our money can help avoid lots of headaches and we can focus on other things.

  8. Happy New Year Vatsala! These are great and timeless reminders of how to manage money. Many of us probably “know” how to do it – we just simply don’t. I’ve encouraged our children to save part of their paychecks and to take advantage of any reitrement accounts offered by their employers; even though they were working part time. My oldest son did this, and now has started his retirement account; and still continues to put a set amount away in savings. My 2nd son puts money away each week in his savings; and my daughter – at least she is trying. I believe she’s doing it; and she’s making it a habit; no matter what the saving portion is. As for us, we budget and we do put some away for saving – though it always feels like it’s never enough. Thank you for the reminders for the New Year!

    • Karmic Ally says:

      Happy New Year, Tamara!

      I’m glad your children have imbibed the money saving habit, including your daughter who is trying and I know will succeed with encouragement. Thank you for sharing your family’s saving habits. I know it will inspire other readers knowing that it can be done.

  9. Very informative article. Saving money is usually a popular New Year’s Resolution for many. I have learned the importance of understanding my spending habits and budgeting to help me reach my goals.

    • Karmic Ally says:

      New Year’s is often the best time to make resolutions about money, Sharise, because once the Season is over, we know we have a massive bill waiting for us and our motivation and determination is strong. The question then is, will this motivation last or is it better to plan things during the year and greet January with no worries?

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Meet your coach

I believe the world would be a better place if high achieving professionals accepted setbacks and challenges to their careers as Wake Up Calls to embark on a Journey where their empowered course correcting actions create a New World Order that encompasses achieving their career aspirations & potential with authentic life balance.

I work with driven, passionate, talented and ambitious professionals who’ve hit a speed breaker in their business or career create their desired breakthrough reclaiming control of their situation with customized strategies and tactics that deliver results.

When my clients first reach out to me, they are not in a very happy place, needing clarity about themselves, their desires, chosen vocation and what will give them peace of mind. They are drawn to me for the very reasons that I highlight in Who Is Karmic Ally Coaching.

Their professional problems are playing havoc with other areas of their life. They know they need to take radical steps to change the status quo but they also know they need support and accountability to get them their desired result.

I really get it, because I’ve experienced that dark night of the Soul. I know firsthand the outcome of getting lost in my work rationalizing decisions that were detrimental to other aspects of my life.

I’ve struggled with and won battles of stress management, corporate politics, life balance and career decisions to emerge in a place where I can confidently say that I live my desired life according to my personal Manifesto and have created a business that provides me with a platform for my desired lifestyle and self-expression for myself. I want that for you too!

I adhere to the Certified Coaches Alliance Code of Ethics and Standards. A copy is available on request.
1st place BCB 2012
Email: Vatsala(at)karmicallycoaching(dot)com Phone:91 9818517664
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