Indian Woman with INR 2.3 Crore Income Reveals Frugal Spending Habits

Financial Responsibility in the Face of Affluence: One Working Parent's Approach

Shivee Chauhan, a Senior Examiner at the Federal Reserve Bank of San Francisco and a former Wall Street professional, has shared her approach to money management as a working parent living abroad. In a recent video on Instagram, Chauhan outlined five categories of personal spending that she avoids, despite earning a combined household income of approximately $250,000 annually.

A Higher Income, No Change in Spending Habits

Chauhan and her husband earn roughly Rs 2.3 crore per year, a significant amount that would likely allow for more discretionary spending. However, Chauhan emphasized that her approach to financial responsibility has not changed, despite the increase in income.

Read also: Correcting Credit Score Errors: A Guide to Ensuring Accurate CIBIL Reports and Optimal Loan Eligibility

Avoiding Discretionary Spending

Chauhan introduced her list of five things that she does not spend her money on as a financially responsible adult. These categories include:

Luxury Handbags: A Questionable Purchase

Read also: Missing a Single EMI Payment Can Adversely Impact Credit Profile

Chauhan's first point focused on the unnecessary expense of luxury handbags. She questioned the value and utility of such purchases, asking what is so important that it requires a $3,000 bag. She also noted that many of these items remain stored rather than being regularly used.

Duplicate Premium Products: A Costly Approach

Chauhan's second point addressed the trend of purchasing cheaper alternatives to high-end products, often referred to as "dupes." While acknowledging that this approach may work for others, Chauhan explained that it does not work for her, as she ends up buying the original product later, resulting in additional expenses.

Choosing At-Home Alternatives for Personal Care

Chauhan also said she does not spend on professional hair removal services. Instead, she relies on an epilator, which she has been using consistently for a decade.

Rejecting Fast Fashion

Chauhan avoids fast fashion purchases, stating that she has not bought a single item from brands such as Zara, H&M, or Forever 21 in the past three years. She noted that the quality of these brands is not there, and the clothes do not last even one wash.

Selective Spending on Food and Dining

Chauhan's final point related to food expenses. She prefers to reserve dining out for meaningful occasions rather than routine meals, and draws a clear line when it comes to frequent spending on everyday food and beverages outside the home.