Seven Women Tell Us How They Are Dealing With Pay Cut & Unemployment

Hello...You left something in your cart! TBH, we haven't received such messages in the past months. Now, you can't even be a whimsical shopper in a supermarket, because being in a public place surrounded by people gives you stress! Your new skincare haul arrives but you have no money! “Swiping credit cards is now a thing of the past and now their use has been reduced to only essential utility bills and groceries,” said Dipika Jaikishan, a businesswoman in her thirties who is a cautious shopper these days. Just like Dipika, many young women are only going for need-based purchases. ​

Apart from the changes we have imbibed due to the pandemic, many of us are also unemployed or have faced pay cuts courtesy the lockdown. Data from the Centre for Monitoring Indian Economy in May showed that over 122 million people in India lost their jobs in April. SheThePeople spoke with seven women to understand what is influencing their spending decisions.

Need-to-have vs Nice-to-have

​“I am the kind of person who never has any regrets. I don’t look back and reminisce about the kind of dresses I bought earlier that some would say I should or shouldn’t have done,” says Revathi, a fashion designer in Delhi. "​"Before I was a wild spender. I wanted to live carefree without thinking much about the future. I saved and worried less and enjoyed my life to the fullest. Today, as the industry is in jeopardy, I find myself in a great deal of anxiety and uncertainty. However, under these circumstances, I would like to improve myself as a person and take some time to think about my financial decisions more actively."

"The saving mindset has already kicked in. While I've always been a cautious spender, I've noticed that I've become even more cautious on the need-to-haves versus the nice-to-haves. Eating out, discretionary shopping, travel, etc have come to a standstill. The focus is on long-term financial goals, and ensuring basic and essential needs are being met in the short term," said Hena Mehta, Founder & CEO of Basis.

​“I didn’t need to think about money when buying things before or adding ten items to my cart," said Shilpa Reddy, a blogger.

Paycuts

“I had a 50 percent pay cut. I had to cut down expenses from the areas I had never given much thoughts about. Like from the high-speed internet network to settling for a cheap and manageable monthly subscription, consuming a cheap cigarettes brand to loitering with even cheaper shampoo product, I am in deep financial woes. Everyday needs became a priority with no carefree spending options,” said Aparna, a graphic designer in Bangalore.

I had a 50 percent pay cut. I had to cut down expenses from the areas I had never given much thoughts about. Like from the high-speed internet network to settling for a cheap and manageable monthly subscription.

“One morning I woke up and everything was changed. Now I had to panic shop. Before it was browsing at the hypermarket, but now I know exactly what I am going to buy the next time I visit there,” says Ambika Dey, a teacher in Bangalore city.

READ: Kerala: Girl Who Climbed Rooftop To Attend Online Classes Gets High Speed Internet

My Salary is not getting credited

“I am a teacher in a preschool. When one Sunday I was told that the pandemic has forced us to stay inside for an unforeseeable future, it put a hold on my daughter’s educational needs too. Even though I am employed but I am not getting paid. I take care of my younger daughter’s education while my husband, who works in a small restaurant, does the same for the elder one. My daughter goes to a public school but during this uncertain time I am clueless as to how I am going to give her the life she deserves,” said Rakhi Mondal from a small town of Kandi, West Bengal. “My school had made it clear that they could not pay me anymore because they did not have the funds for it. I used to tutor kids in the neighbourhood. Now while we practice social distancing, that option is also gone,” Mondal adds.

Rhea, who works in an Art gallery in Mumbai said, "Condition has worsened so rapidly with companies sacking people, cutting down salaries and putting a freeze on hiring, there is no doubt that I am regretting my past careless spending now. I am uncertain of how far down the road in the future we will be able to call it normal but I feel that I have to put my plans and dreams on indefinite hold. It is making me anxious,” she​ said.

Also Read: Bilaspur: 72-Year-Old Beggar Woman Donates Rice, Sarees & Cash To Needy

Since March 25th 2020, a lot has changed in my financial story. Discretionary expenses have been negligible, a practice I hope to continue as we have savings and investments build up.

Lessons on Financial Fitness

​“​That feeling when your new skincare haul arrives but you have no money, you feel me? That moment I realised ​everything had to be changed. This, in reality, brought clarity to my planning and execution with the savings. This period  has taught me to sustain my thoughts. In the last couple of months, I have hit rock bottom but with some help I feel pretty good mentally. We will no longer take anything related to finance lightly. I'm so glad I'm finally realising the value of savings,” Shilpa added.

"Since March 25th 2020, a lot has changed in my financial story. Discretionary expenses have been negligible, a practice I hope to continue as we have savings and investments build up. Holding back on non-essential expenses gave me room to invest further over the last few months. I'd like to continue this financial life without compromising on some happiness via some experiences that only money can buy," added Dipika, Co-founder, Basis.

We must understand that lost jobs and slow economy is a reality we have to live with. We need to divorce ourselves from the idea of what could have been done and focus on what should we be doing next. There are good days and bad days. While the pandemic has instilled fear and uncertainty in various aspects of life, this period might, actually, strengthen financial maturity in young adults.

Read More Stories By Ria Das