HYDERABAD: Are you one of those who struggle to save money but are afraid to figure out monthly expenses with a pen and paper (or excel sheet)? Then here is a challenge you should take up. Hyderabad-based group Svatah, which is on a mission to make people financially literate, has started an Instagram challenge called #BUDGETwalaCHALLENGE, asking people to track their expenses. Dr Santosh Kumar Reddy Dinne, a dentist by profession but a teacher by passion, came up with the idea while he was volunteering with Teach For India.
“While teaching in various parts of Telangana, I noticed that many take financially uninformed decisions which have a large impact on their lives. In a study, it was found that 75 percent of people are not financially literate. This is when I decided to form Svatah in order to impart financial literacy and help people make more informed decisions,” said Santosh.
During five days, the group tagged 200 persons, but only 100 responded, which goes on to show that most have a mental block about tracking their own finances. The initiative’s aim is to empower people with decision-making skills and bring financial stability in their lives. “We believe that it is not the lack of ‘enough’ money, but the lack of appropriate knowledge, attitude and behaviour that lead to financial difficulties. I have seen families where they splurged on a LED TV, but do not have money to buy textbooks for their children,” added Santosh.
Svatah’s special target group are women in marginalised communities. They conduct webinars on the advantages of opening bank accounts, digital banking, welfare schemes, pension benefits etc. The group helped a woman from Patigadda community in Hyderabad set up a tailoring business through sessions on banking and budgeting. The group, which also has a YouTube channel, is now focussing on developing a curriculum for students studying in classes 8, 9 and 10 to nurture the habit of saving among children. Run by a team of ten members, they plan to expand their services to all parts of the country.