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Category: Personal Finance
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Here comes the money. [music] >> No, no, no, wait.
No fancy intros, no cool music. I just want to give you one simple video where you can get your 2026 money resolutions done and you can do them today and you'll get results today
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because patience and consistency. We'll first start with hygiene hacks, then move to losing less money, making more money, and some hacks that actually go beyond wealth because it's more important than just Excel sheets.
So, I'm going to challenge myself to finish
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this under 13 minutes. And I want you to write down the hacks that actually were useful to you.
So, let's move to hack number one. And much like this, remember you're going through your
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jeans pocket and extra sorrow. This is fake money.
But imagine if it was actually real. What I'm talking about is unclaimed money from all these places over here from deposits to PF accounts to FDS that you forgot about or your parents forgot about or your
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grandparents forgot about that you can actually get claimed. You know this is 78,000 cr rupees and unclaimed deposits with banks have risen 26%.
[music] This doesn't just include deposits. It also includes insurance money.
So if
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there was a claim on insurance that was rightfully yours or for a family member that you didn't take out, you'll find that amount right [music] there. You can also see unclaimed shares.
Very famously Reliance has some 8,000 I think 12,000 crores worth of shares which are
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unclaimed. In fact, there was an individual who found 11 lak rupees worth of Reliance shares through this method.
Pretty cool. I think this hack also includes your PF money which is unclaimed when you are job hopping from one company to another and multiple PF
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accounts open. Then that amount can be lost because you know multiple accounts.
So, all you have to do is go to the EPFO's website, follow these instructions, fill it in, and see if there's any unclaimed money in a different account,
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and it takes only a few minutes. Let's move on to the next hack.
This is really useful and something no one does, and you lose money for no reason. So, listen carefully.
One, if you have a credit card that you're not using, find
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out what the yearly charge is because they will bill you. Shut down that credit card if it is of no use for you today.
Two, when you say join a job and you get a salary account with that job, then you have a bank account over there. Very nice, very convenient.
But then if
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you shift your job and move somewhere else, then that account after 3 months of inactivity because salini turns into a normal savings account. Now, [music] savings accounts are different than a salary account.
A savings account usually would require a minimum balance.
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If you don't have a minimum balance, which in many cases is not met, charges, and you're paying money for no reason. If you have an extra account somewhere, just shut it down because they'll charge you something for it.
Next, the [music] same thing applies to
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DMAT accounts as well. I remember my dad had this relationship manager from this big bank and then they opened this DMAT account and then they said and dad continued paying these demat charges for year after year but he
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wasn't using that account he was using a different broker also on UPI it's a lot easier so if you if you use PTM or phone pay or any of the UPI apps there [music] is a place to see recurring UPI payments when you click on those you can see all the services and you [music] must look at these services to see which one you
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don't want some of these I have seen especially in my case I had a Netflix [music] autopay enabled which show 40 or 30 or some crazy number so just make sure that you want these uh recurring subscriptions in my case I actually found two subscriptions of the same
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company I was paying I don't know how that happened [music] but it happened so much for being personal finance teacher man I feel so I'm Pratik Singh your mentor do subscribe the button is down there. >> And you know what?
We think
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but actually all of these numbers add up and most importantly it teaches you financial discipline to do a cleanup once a year. Maybe the cleanup takes an hour but it solves for the entire year and you go on a beat every single year and you become a financially disciplined
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person. It just costs a few hours.
So let's move on to the next hack. God says very simple we'll divide this screen into two in the old tax regime you had this benefit of claiming some deductions on
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your overall income by doing a bunch of stuff in the new tax regime none of this is present everyone by default is on the new regime so if you did any of those taxsaving things like ATC etc then you should review once because you've
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already moved here do you need to switch back That's all it's going to take to do these hygiene checks. And you can do it right now.
Get the result immediately in less than an hour. Now, we should move to hack number two, which is lose less
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money. And I love this one.
So, if you're someone who has high loans, a little bit of loan or zero debt, yes, I said zero debt, these hacks will really help you. Imagine you're paying at a certain interest rate.
that interest rate is
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compounding over 20 years against you because you are paying the interest but rates change. If the rates have become lower by a very large margin, you can actually get your house refinanced.
Of course, there are some charges in between like processing etc. And we have
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a whole video explaining that process if that difference is worth it or not. But it may not happen every year.
It's not going to happen every year. But when it does, it can save you so much money it's not even funny.
But in case you do not have this refinancing option because rates have not reduced significantly
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then you can do another thing which is imagine this year zero year 20 when you pay an EMI most of the time you're actually paying through this line. Check it out.
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This is the principle. This portion over here is your interest.
So imagine when you're paying a 20k EMI like a big number like 15 16k is just going to interest to the
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[music] bank which means your loan balance is almost the same after a couple of years. Very simple thing for you to do is you can't change this because this is how finance works.
And to fight this evilness, what you [music] can do is just pay one extra EMI. And with these statistics, over a 10-year
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period, you save some 10 lakh rupees. Weirdly counterintuitive, but very good hack.
The next hack is about communication. I was actually talking to Nishita right now.
She she's a writer and she's telling me her friend has [music] 4 lakh
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rupees of credit card debt. she's probably paying 30 40% in interest on that debt that she is now [music] paying.
A better use is taking money from your savings or FD paying [music] that debt. Now you might say I don't have that money that's why I use credit
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card but I'm sure your parents do. If you have the communication ability to go and talk to them and say papa mommy I have this whole [music] lak debt can you give and pay this off for me?
I will pay you back at a 10% interest. Maybe [music]
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they'll appreciate that you're becoming financially prudent. So my friend Nishita, she asked her friend.
She didn't talk to her parents. [laughter] She's still paying the credit card company.
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>> Also, the RBI allows you to change the billing cycle. [music] So if you think your credit card due date doesn't match with when you actually get your salary [music] and that's creating an issue, you can actually change this at least once.
The next hack is very important. Even if
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you have zero debt, you should do this. So you should pull your FCR, your full credit report at least once a year to find out all the loans you have.
What if someone took a loan in your name and you have no clue? Sounds theoretical.
Until
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[music] now when we were discussing this, Swati said, which I didn't know. Now imagine a situation where you did not write an email to the credit bureau and loan Yeah, loan reject and because of that the points have gone down.
Who's going
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to suffer? You.
So, you can do this check once a year if everything is fine. So far, we've done hygiene checks and actually saving money.
But what about making cash, making the moola? So, this section we'll talk about hacks where you
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can actually make more money. Every single fund will offer two types, a direct and a indirect or actually called a regular fund.
The regular is through a partner, maybe through a financial intermediary or through an adviser. And there is a commission that
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this person takes to earn from it. Maybe they're advising you, helping you make better choices, making you stick, etc.
Stick to this. If you're a totally do-it-yourself investor and there's no one you talk to, then switch your existing mutual funds in direct mode.
You will save money. And how?
Let me
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explain. If you see the top five funds based on their CAGGR, [music] this is the difference between a direct plan and an indirect called a regular plan.
[music] Look at this very carefully. Yes, this is how much you actually save.
So direct
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plan would save some 14,000 rupees in 5 years. Doesn't sound like a lot but over 30 years this number becomes 42.5 lak rupees.
So how do you check this? On your email when you get information about your mutual fund it will specify
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whether it's direct or regular. If you can't find this you can actually go to this website [music] and you can get a consolidated account statement and basically you'll get a list of all the mutual funds that you've invested in in one place and [music] you can check the
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status right there. If you're doing this for the first time, it might take some time, but I promise you, you have to do this once.
Even if you spend 20 minutes on it, it is fully fully fully worth it. The next hack is earning a couple crores
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more by making a small change every single year. Now, hopefully your salary increases every year and I think your expense to definitely increases every year.
What [music] doesn't increase is your SIP. We often see these crazy
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numbers on calculators 1 cr rupees with just 10,000 rupees sip but the fine print actually says step up sip but when it comes to stepping up the sip we don't because um we forget
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kala step up did you decide can you see all the changes that are happening now I want you to do the most important hack of them all right here take a deep breath >> [sighs] >> Here's what [music] you got to do. Find
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out your first pay, your first pay slip. Now, compare that number to how much you made this very month.
Compare the two. You, my friend, have actually made progress.
But this money can go back to
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zero if you don't do these three things. Yes, that was a rehook.
[clears throat] I have to make sure you do these three things or that'll be an issue. Use your free or discounted corporate health checkup.
Talk to your HR, find out if she can provide this because usually the
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health insurance they're providing with you is already clubed with it. And according to the new labor laws, they have to do this.
Even if you're under the age of 40, they'll usually have this benefit. And in case your HR says, "Yaso, we do not provide this." Then ask
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your existing personal healthcare provider, whoever is the insurance company. [music] The next hack is about updating your nominees on all the accounts.
Let me tell you a hard truth. [music] Most of what you're going to earn in your lifetime, you're not going to spend
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because of fear, anxiety, because you don't need it, because you want the money to compound, blah blah. So please, once a year, make it a habit to update all the nominees.
Imagine you make all this wealth or assets etc. And there is this fight going on with officials
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because the nominees is not updated. Not fair, right?
So you can do this check out the nominees. I had made this mistake on my account where I had put in the wrong nominee because it was a 10-year-old account.
I got it updated to complicated but at least I got that
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done. And the last [music] hack is quite simple actually.
I want you to make one folder. It's called the When I'm Gone folder.
[music]
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Imagine you do everything perfectly and it causes trouble when you're gone. It's like you were so good at managing wealth that [music] after you leave it actually becomes a problem for your family because you did all the work.
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They should have all the details of everything. So when your family wants to access anything, [music] they can because a good passing away gift if I could say is this right?
It is [music] peace of mind.
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Lots [music] of love from the 01 team and I'll tell you this year is going to be awesome.