Twenty-five per cent of your total annual income should be kept aside for the shopping expenditure that comes up throughout the year. For ex...
- Twenty-five per cent of your total annual income should be kept aside for the shopping expenditure that comes up throughout the year. For example, if the total income of the house is R1 lakh then 50 per cent (R50,000) of it should be kept aside for daily and monthly expenditure (food, bills, electricity, etc), 25 per cent (R25,000) should go into savings (fixed deposits, retirement and mutual funds) and the remaining 25 per cent (R25,000) should be kept aside for shopping.
- Segregate your income under various expenditure heads. Further divide the shopping expenditure into four segments:
- Keep aside 25 per cent of the money to buy clothes and accessories and for women, cosmetics.
- Keep 30 per cent aside for home expenditure changing the upholstery (every four years and usually during Diwali), cleaning (whitewashing) and changing the furniture, buying refrigerators, TVs, upgrading appliances.
- Keep 10 to 15 per cent to buy jewellery (silver during Diwali or for weddings). This is also the time when the wedding season starts.
- Keep 30 per cent aside for travel (holidays that most people plan during this time), eating out, gifting and socialising.