Big spenders reveal their thrifty habits

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Is rich synonymous with being a lavish spender? Not necessarily! A recent article highlighted an interesting aspect about Tamara Ecclestone, daughter of the Formula 1 boss Bernie Ecclestone, who is known to be a lavish spender, admitting that she does have thrifty habits.
She was quoted saying, “But I’ve learned (haggling) a smart thing to do. Every car I’ve bought, I’ve got money off. My last car? I got 20 per cent off. I love to get a deal. Who doesn’t love a bargain? I am a bit obsessive about it. I turn the heating off at night and I turn the tap off when I’m brushing my teeth. And I like to book airline tickets as far as possible in advance because it’s cheaper.”
Coming from her, it may come as a surprise to many, who believe that the rich don’t think twice before splurging or don’t believe in holding back or don’t feel the need to spend wisely.
Some prominent people in the capital tell us how their belief system has moulded their habits and led them to spend wisely.
Designer Rina Dhaka candidly admits that she was a driven spender in her early years. “I was driven by the impulse to spend, but as I progressed professionally, my impulse gave way to thoughtful spending. Today, I spend on things which come with dual benefits — investment and asset,” she shares.
Adding further, Rina says, “I am no longer an impulsive buyer but my two sons and husband are. Some are fools when it comes to spending, but it eventually comes down to disciplining oneself.”
For Shonali Bedi, CFO of Gyaanexchange.com, her investment banking training and handling her expenditure at Stanford University, California as a student, has shaped her spending habits. She says, “As kids, my parents would pamper us, but they also knew when to say no. But now I plan my budget. However, I’m still a spendthrift when it comes to travelling or learning opportunities.”
Designer and painter Anuradha Raman gives credit to her parents for instilling the value of a penny from a very young age. She says, “My parents educated me about the merits of spending wisely and saving, as no one knows what’s going to happen tomorrow. I still sometimes travel in autos, walk, ride on a bike and like to buy vegetables as it helps me keep in touch with reality.”
Image consultant Gayatree Sehgal, of The Image 360, prefers to do her research before making a purchase. “In my profession, image is everything and it’s important for me to make an addition to my wardrobe with careful thought. I like to keep an eye on sales as various brands often offer 50 or 60 per cent discount. It’s not always about going for a high brand, but about smart investment.”
Designer Sanjana Jon says her grandfather’s belief has stayed with her till today. “We were taught to help others instead of wasting. My grandfather told us to give a thought about those who didn’t have anything. We donated our clothes, stuff we no longer needed. Even today, I shop only when necessary. Material things don’t mean much to me and I’d rather help anyone I can. It’s important not to waste but use it in service of those who are in need of it,” she sums up.