Five personal finance lessons from millennial entrepreneur Saloni Srivastava

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If you are constantly hooked to platforms like Instagram and YouTube, business coach Saloni Srivastava would be a familiar name to you. Marketing manager turned YouTuber, Srivastava is a social media conqueror who quietly entered the digital space and carved a niche for herself. She left a successful corporate career due to lack of creativity and decided to create content on personal finance to help women become financially independent.

Srivastava is a successful entrepreneur who runs a website HustlePost Academy which “turns millennials into online business superstars”. In an interview with Money9, she speaks about five personal finance lessons which helped her create a business empire.

1. Cut down unnecessary expenses

The first step to manage your personal finance is to cut down on unnecessary expenses. Instead of pondering over your rising expenses, decide to cut down on what is not very essential at the moment. “Make a list of your compulsory expenses and figure your savings. Cut down on stuff that is mere indulgence,” Srivastava asserted.

2. Invest in long term goals

Quiz her on how she financed her business, Srivastava is quick to reply, “Instead of spending on the 100th shade of lipstick which would give me a few seconds of happiness, I chose to invest my money in long term goals. The salary from my corporate job funded my business idea right at its infancy.” To make your financial goals realistic, make sustainable investment choices. Identify things that will truly add value to your life.

3. Decide how much is ‘too much’

You have to draw a line for yourself at some point and figure out your ‘enough’. Srivastava is an ardent believer in the philosophy of minimalism and feels it keeps her desires in check. “The idea of minimalism helped me refine my expenses. It also helped me differentiate my essentials from my wants,” she explained. Deciding your ‘enough’ will help you set a bottom-line for your expenses and let you save more eventually.

4. Understand the economy

Reading and exploring more is almost a solution to every problem and personal finance is no different. Have a basic sense of the overall economy and new investment plans. “During the pandemic, we witnessed a major crash in the economy. You realize the importance of savings at this point. Hence, understanding the functionality of the country’s economy helps you plan your finances better,” Srivastava said.

5. Take the first step to SAVE

We were tempted to ask if saving money was just as easy as she made it look in her videos. “Of course yes! Saving money is not rocket science. Just know how much money you make every month. Before turning to expenses, take out a small chunk for savings. You can save as little as ₹100-200 and put it in a fixed deposit, recurring deposit, some mutual funds, etc.,” Srivastava replied.

Take the first step to save your money and do it right away.