Taapsee Pannu may admit to having lofty ambitions that support her desired lavish lifestyle, but she comes from humble beginnings, with her family sticking to their middle-class roots no matter what. During a recent conversation with journalist Shubhankar Mishra, the Assi actor opened up about her family’s mindset toward savings and finances.“Mere khandaan mein saare saving king queens hain. Woh har cheez mein save karenge. Pata hai kaise cheezon mein save karte hain? Ki sabzi jo hai na, agar Delhi se aa rahe hain, toh wahan se le aayenge kyunki sabzi thodi mehengi hai Bombay mein. Toh sabzi jo hai check in bag mein aa rahi hai. Flight mein aa rahi hai sabzi (My family is full of saving king and queens. They will save in every possible way. You know what kind of matters they save in? When it comes to vegetables, if they are travelling from Delhi, they will buy from there since vegetables in Bombay are pricier. So, vegetables are being carried in checked luggage, they are coming in flights,” she recalled, adding that her family likes to buy groceries from vendors located far away from high-rise apartments, since the ones close by sell for higher prices.The importance of savingsMukesh Pandey, Director of Rupyaa Paisa, said that most people believe saving earned money is the best and safest way to grow wealth. But a healthy financial journey requires more than earning and saving money. It demands a strategic plan to manage that wealth, mitigate risks, and make informed choices.“In the era of economic instability, cyber-attacks, and constantly evolving investment opportunities, financial literacy will prove to be your greatest asset,” he said. Not dismissing the power of budgeting and saving, Pandey said that a properly designed budget is the backbone of financial stability.“The 50/30/20 rule should be practised in making money management decisions. This rule allocates 50 per cent of income to necessities, 30 per cent to discretionary spending, and 20 per cent to savings and investments,” he shared, encouraging the use of digital tools and fintech applications to track your expenses and better money management. Why are savings important? (Freepik)What can you do with saved money?According to Pandey, money saved from budgeting can be efficiently allocated to areas of long-term value and stability. Investing in a mutual fund, a retirement plan, or a high-yield savings account can build the foundation for financial independence.“Budgeting allows us to sort personal finances and chip money saved into skill-based courses, trainings, certificates, and even build starter capital for entrepreneurial ventures. This is important as many of us need not only to save but also work towards building emergency funds to address unanticipated challenges with self-assurance,” he explained.Story continues below this adALSO READ | Decoded: The unexpected benefits and challenges of a ‘no-spend month’At its heart, budgeting is more than focusing on cost-austere measures. Pandey said that having money saved up is a celebration of freedom through self-governed economic responsibility. “Instead of being absorbed in momentary happiness, an emerging class of youth is preparing a story for themselves around self-discipline and vision. It is not simply about forgoing experience, but about applying a new kind of value to it,” he said, adding that it demonstrates the need to manage expenditures in relation to one’s life ambitions – a step towards financial self-sufficiency.Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Individual financial situations vary, and readers are advised to consult a qualified financial planner, advisor, or mental health professional before making financial decisions.