CA Explains How FOMO And Undisciplined Spending Is Killing Your Savings Despite High Income

CA and Founder explains in linkedin post how bad spending habits are killing you savings despite earing more

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New Delhi: Managing money successfully isn’t simply a matter of how much you earn. Instead, it’s about how well you align your finances with your personal aspirations. This is a lesson highlighted by Abhishek Walia, Chartered Accountant and Founder of Zactor Tech, who uses real-life examples from his practice to drive home the point.

Clarity of Purpose: The Game Changer

Walia recalls a recent case involving a young professional earning ₹90,000 per month. “She had no side hustles, no major investments, and no debt,” he explains. What set her apart was her clear financial vision: she maintained a six-month emergency fund and was disciplined about her Systematic Investment Plans (SIPs) to fund her MBA, planned for three years later. Her straightforward yet intentional approach kept her financially stable and stress-free as she pursued her long-term goals.

High Income, Low Stability: A Cautionary Tale

In contrast, Walia describes another client earning ₹2.5 lakh per month who lived paycheck to paycheck. “Despite the higher income, she was constantly broke by month-end,” he says. “There was no emergency fund, no investments—just lifestyle upgrades and spending driven by FOMO (fear of missing out), with no clear financial direction.” This scenario illustrates how a lack of planning can lead to financial instability, regardless of income level.

Mindset Over Money

Walia emphasizes that true wealth is rooted in mindset, not just income. “People often mistake a bigger paycheck for financial success,” he notes. “But real wealth is what you keep, not what you earn. Without a plan, even ₹2 lakh a month can vanish before the month is over.” This insight serves as a powerful reminder of the importance of financial literacy and structured planning.

The Power of Clarity

Walia identifies clarity as the critical factor. “It’s a clarity issue,” he says. “The ₹90,000 earner knew her ‘why.’ The ₹2.5 lakh earner didn’t.” Understanding your financial priorities can make all the difference in achieving long-term stability and growth.

Money With Purpose Compounds

“Money without clarity will quietly disappear,” Walia observes. “But money with purpose? That compounds.” His advice is clear: intentional financial management, driven by a defined purpose, is the foundation of sustainable wealth.

Shifting the Focus

He also warns against the common obsession with simply earning more. “We live in a world obsessed with earning more. But wealth starts with more intention,” Walia advises. He urges a shift in perspective—from chasing higher income to managing existing resources more effectively. This change in approach can lead to more meaningful and lasting financial success