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‘No matter how hard I work for money, I always come in short of it. Sometimes it seems like my money is disappearing into thin air.’

Sounds familiar?

What’s happening? Are we born to remain mediocre in this never-ending treadmill? Are we not doing enough?

Or are our financial intelligences so pathetic we don’t know where our money is going?

There is something amiss for sure. Let us see what are the problems, and how to fix them.

It’s Hard to Save Money in Bhutan

Income Level and Responsibilities

Most of us live in loose extended kind of families. Person earning income bears most of the financial responsibilities.

I support my nephews and nieces, though not fully. When I studied, their parents helped with my education expenses.

We have to look after our own parents, kids and in-laws. Our income level is low and there is nothing much to stretch our income.

Come the annual Lochoe, you’ll be expected to chip in more contributions if you are someone working in the government. Basically earning regular income.

Continuous Rise in Cost of Living

The price of goods & services in Bhutan is crazy. Our government announced that inflation in 2021 was 6.87%. But we know it would be more.

House rent is at least 40% of our monthly salary. To make it worse our law gives landlords the freedom to increase it 10% every 2 years.

5 years ago, Nu.1500 worth of vegetables would feed a family of 3 for a week. Now, don’t even dream about it.

Such a level of inflation robs us. No wonder at month end our bank balances are shorter than the account pincodes.

Let us get to the point – we use social media a lot. The thing about social media is they’re windows to comparisons and discontentment.

We want to purchase what Lha Dorji wears in her TikTok videos and Tandin Bida in her Instagram.

Gone are the days when we used to buy things based on their usefulness. Now we buy things merely by looking at people using them.

We feel low when our former classmate who sucked studies uploads Instagram reels driving Creta, wearing Rolex watch, and using an iphone.

We find uploading iphone mirror selfies on social media more satisfying than the same money being in our bank account or owning shares.

Low Financial Literacy Standard

We lack proper financial education. So, we commit many financial mistakes. We don’t seem to care about saving for emergencies or taking insurance.

We don’t mind spending money at expensive trendy cafes or bistros to get a few Instagram photos.

But Nu.500 premium for a health insurance is expensive. Investing in shares is an unnecessary thing for us.

Our priorities are quite displaced. And they are due to our poor financial literacy standards.

We Care So Much about Status

How we look at social status is quite different. Material possessions like phones, cars, watches, dresses etc a person uses determine his/her status.

So naturally we want to look rich and go on living more on wants. Bhutanese dare purchase cars even when our net worth is zero or negative.

A car is quite necessary now. However, an entry-grade officer purchasing a luxury SUV, and that also on loan is a ticket to financial disaster.

Need of Money Mindset Changes

Money will never be enough unless we’re grateful for what we have and control our desires. The system is built to function in that way.

If getting enough money is luck, then our lucks is at the hands of the government and banks. They control how much money is to be printed and how much is to be retracted.

When we keep on chasing money without knowing the intents of the system, we are merely acting based on the scripts written by them.

To retrace from that lane, live below your means, avoid parasitic debts, control your desires, and read personal finance books.

If you want Hyundai Creta though you’ve got a Maruti Celerio, they’ve succeeded in making you a capitalism animal.

What Guides my Money Mindset

I always live below my means and save/invest the differential amount. I don’t own a car, which I can do if it’s my priority and is economical.

Many of my friends drive luxury SUVs. If they can afford, it’s nice. But taking 70% on a loan and then entering negative net worth proves they can’t actually.

Having savings gives a pride. I won’t need to beg banks or anyone if something happens to me and my family. It’s a source of my mental peace and happiness.

I maintain a budget and know quite well where every Nu. of my income goes. This helps me locate the areas of my useless expenses and control them.

Maybe Warren Buffet’s Quote might help: