In March last year, The New York Post had published an article on Lisette Calveiro, a 26 yr old woman who got $10,000 deep in debt, all in pursuit of social media stardom. Though this is the account of one of many Americans, it is also a story that many of us relate to. Well, at least the part about living above and beyond our means in the wannabe days of social media, influencers, and the allures of an extravagant lifestyle.
Calveiro’s account shows the darker side of millennial spending habits, where the urge to appear fancy is more important than being real with our finances. Our generation, unlike before us, care more about how they are perceived, even if it comes at the cost of mounting debt. We’re so used to spending beyond our means, and exceeding our budgets on impulse purchases. We want our pleasures now, and only now, leaving tomorrow to fend for itself.
The struggle is hard, and when extravagance in movies, social media, and the desire to follow in the footsteps of the high & mighty are taken as penultimate models of success, it results in a poorly planned road toward achieving that success. We end up buying things we cannot afford, to please people we do not know. This culture of spending beyond our means, often results in us going broke way before the end of the month.
A recent study showed that millennials spend up to 69% of their salaries every month, if not the whole amount. It would be incorrect to say that we don’t understand savings, because, it’s also the likes of us who save up for months to take that holiday, or save up to buy that car, or give a downpayment on a new home. However, our saving patterns are almost always haphazard, and based on momentary needs, rather than a long term priority. And while we all love going wild with our finances, following smarter spending habits, will actually help you go YOLO for the rest of your life.
As per a Morgan Stanley report, India will have 410 million millennials who are estimated to spend about $330 billion annually by 2020. Today, the urban commuter spends anywhere between ₹300 and ₹500 a day on cab fares, adding up to about ₹7,500 to ₹12,500 per month. That aside, we also spend a significant portion of our time on daily commute. Another study revealed that 41% of Indian millennials feel that daily commute is the least liked part of their day. We definitely think there is a better way to commute where you get to places on time and also save big on your commute.
If not on other things, your commute could be the perfect place to begin! Our easy scooter rental option ensures that your daily commute is taken care of without it ever having to be a hassle. Bounce is the most affordable ride in town, with ride fares as low as ₹5/km + ₹0.5/min. There’s no other commute in the city that saves you both your time and money. And being a scooter rental – you have the added benefit of seeing Bengaluru for what it is, as compared to seeing it through a window pane.
To book a ride, all you have to do is download the app, book your nearest scooter, enter the OTP and simply ride on. And what better, you get to where you need to be with absolutely no surge pricing or any extra cost.
The fear of missing out can break us if we don’t plan our finances well and try to live within our means. The benefits of saving are immense, and the contentment that comes with it trumps all else. And who says one can’t have all the fun even on a low budget?
It’s never too early to start saving up. So, go easy on your pockets, and get Bouncing!
Commute easy with Bounce Scooter Rentals
Bounce is a dockless two-wheeler ride-sharing solution, on a mission to make daily commute reliable, affordable and convenient in India. It allows users to pick up scooters from anywhere and drop it off anywhere. For easy daily commute, book a Bounce scooter at just Rs. 5/km + Rs. 0.5/min, and ride anywhere.
Bounce is India’s first two-wheeler rental service, on a mission to make daily commute affordable, accessible and convenient to commuters from all walks of life.