‘Hopefully, aap aapki kamayi se zyada kharcha nahi kar rahe ho’: What Vivek Oberoi’s savings strategy teaches us about long-term wealth, according to an expert

(Whatever your annual income is, keep 3 times of that amount in your savings. Hopefully, you are not spending more than you are earning. In that regard, you are sorted for 3-5 years. And if there are ups and downs in life, that should act as your safety net.)

Financial discipline is key to securing your future. According to Mukesh Pandey, director of Rupyaa Paisa, as Oberoi suggests, it is the ability to make sound financial decisions, always be within budgets, and avoid impulsive spending so that all the while, one is steadily moving toward set goals. “Practicing financial discipline is not coming up with ways to save money but creating certain habits that consolidate one’s position in terms of finance, increase it, or keep that person secure,” he said.

The backbone of financial discipline is budgeting. It portrays how money flows into and out of the house, showing how unnecessary expenditures can starve essentials such as education. Budgeting apps or spreadsheets can give greater visibility and control over a budget.

Discipline is not a one-time act- it demands persistent commitment. Regular reviews of the progress of your financial plan allow its reference to other changes in income, new goals that have been set, or even economic conditions. It strengthens accountability and preparedness.

The backbone of financial discipline is budgeting. (Source: Freepik)

Focus on savings

Pandey emphasises that budgeting isn’t just about cutting costs—it’s about gaining financial freedom. “Instead of chasing momentary happiness, today’s youth are rewriting their financial stories through self-discipline and vision. It’s not about forgoing experiences but redefining their value,” he said.

Pandey’s advice is to efficiently allocate saved money to areas of long-term value and stability. “One way is investing in mutual funds, a retirement plan, or a high-yield savings account. Another option is to chip money saved into skill-based courses, training and certificates, and even build starter capital for entrepreneurial ventures,” he said.

“Most people think that one big purchase will dent their retirement fund. That’s not true if you have systematic savings planned. Putting an additional Rs 10,000 into an SIP for 40 years into an instrument that gives you 9 per cent return will get you Rs 4.7 crores for an invested amount of Rs 48 lakh. A growth of nearly 100 times. The money you invested is Rs 48 lakhs and you got Rs 4.7 crores,” he said.

By prioritising long-term goals over short-term indulgences, young people can develop a healthier relationship with their finances and mental well-being.

DISCLAIMER: This article is based on information from the public domain and/or the experts we spoke to. 

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