Shah Rukh Khan’s mother advised him never to curb his expenses. Instead, he should earn more. While SRK has managed to carry it out exceptionally well, the choice is not that simple for commoners.
When expenses rise faster than income, managing the household budget becomes difficult. Higher living costs, changing family needs and unexpected commitments can gradually stretch your salary. Should you cut spending or find another way to earn?
According to Purushottam Bedekar, QPFP®️, Independent Director - P N Gadgil Jewellers Ltd, both approaches can help. But they serve different purposes. Cutting costs protects the money you already earn.
A side hustle adds income beyond your regular earnings. Combining them sensibly can improve your finances without making daily life unnecessarily difficult.
Cut expenses
Start by checking where your money goes. Frequent food deliveries, unused subscriptions and impulse purchases can leave less for important needs, says the author of Master Your CIBIL.
Reducing these expenses can free up money immediately. Review commuting costs and avoidable interest payments, too. Bedekar also suggests reviewing investments, renegotiating insurance premiums and refinancing expensive debt.
The advantage is simple: spending less does not require extra working hours. Saving ₹5,000 monthly leaves that amount available for other needs.
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