by With the constant financial complication and rising costs, one can easily feel trapped between debt, stress, and the endless pursuit for more. At times, a simple habit can bring about change. Mr.X was subject to the same fate. An IT professional from Pune, X went from being in 12 lakhs of debt to becoming financially independent within 4 years.
His secret?
By spending 20 minutes a day on the phone and doing some financial work, he was able to not only eliminate his debt but also transform his mindset, stress, and ultimately become more focused.
See how he got there, and see what happens when you implement the same simple habit to change your bank account.
A Life of Financial Chaos: The Struggle with the Money…
Back in 2019, Mr.X The burden of personal loans, unpaid credit card bills, and car loan charges was overwhelming for X. Despite earning 65,000 per month, his bills and EMIs totaled over 80% of it. He recounts feeling compelled to work just to avoid poverty.
My finances weren’t the only thing holding back – my sleep, my relationships and even my self-esteem.
Like many young earners, Mr. X had become trapped in the cycle of inflation, spending more while earning less.
What happened?
Routine: dining out, EMI-compliant gadgets, and impulse buys on Amazon. The debt continued to accumulate in the background without being noticed.
One Habit: The Power of One.
In a video about financial minimalism, Mr. X heard something that stuck:
Spend 20 minutes each day to save money before it becomes useless.
That line hit home. He committed to following one routine every day:
Every evening there is a 20-minute “money check-in.”
This is what the 20-minute ritual looked like:
~ A notebook or simple app was used to track expenses and record all the rupees spent.
~ Checking your bank balance is as easy as checking savings, wallet apps, and credit cards.
~ Adjustments to the budget – Minor adjustments, such as discontinuing a subscription.
~ Learning about financial matters requires reading a finance book or personal finance blog that has 2-3 pages.
~ Devising targets – Looking at a vision board with goals like “Believe 0% Interest in Debt by 2023” or “Planned Europe 2020”
The Results: A Life Rebooted.
This one habit caused a chain reaction in his life:
~ Within 6 months, Mr. X had cleared 2 lakhs of credit card debt.
~ In Year 2, he had no outstanding debt, except for a manageable home loan.
~ In the fourth year, he had an emergency fund, a SIP of 7 lakhs, and a side business earning 20,000 per month.
~ The matter was more than just numbers.
“The biggest shift was mental.”
I gave up on fear of money. Instead of feeling stressed, I started to treat money with respect.
His experience with the 20-minute ritual revealed that he became more mindful and less self-absorbed in life, not just financially. He decreased the amount of time he spent in movies, his concentration improved, and he incorporated meditation into his daily routine.
Mr. X’s Journey.
Mr.X The story of X highlights that financial transformation is not about earning money but rather about making changes. Habits serve as the link between intention and action.
Here are the top takeaways:
1. Awareness is the first step in control.
The majority of people refrain from scrutinizing their finances due to fear of what they might observe. Why? But clarity is empowering. You can use this information to determine the destination of your funds and then redirect them as needed.
2. Consistency Beats Complexity.
Mr. X avoided the use of complex equipment and accounting terms. A regular, daily check-in was a game-changer.
Daily routine should be the priority, not excessive activity. Why?
3. Mind and Money are Connected.
Financial stress is one of the primary reasons for anxiety. Regular financial check-ins reduced Mr. X’s anxiety. Improved sleep quality, improved concentration at work, and improved relationships were among his habits.
4. Small Wins Create Momentum.
Seeing a credit card bill decrease or observing 500 in daily gains feels like progress. And progress is addictive.
Starting a 20-minute financial routine: What is the start?
If Mr. Here’s how you can start your own ritual tonight by following Mr.X’s story:
~ Make use of an app like Walnut, Notion, or Google Sheets to construct a straightforward expense tracking system.
~ Establish a time frame – either immediately after dinner or before bedtime – as part of your routine.
~ Micro Goals – Initiate with “I’ll save 5000 this month” or “My EMI load will be reduced.” for clarity
~ Educate yourself – Read blogs like YourMoneyMantra, Follow financial influencers, The Psychology of Money Book.
~ Every Sunday, spend an additional 10 minutes to reflect on what worked and what didn’t. Take it seriously.
Prologue: The Inadequacy of Being Simple.
Mr. Small daily changes can make a big difference in someone like X. Successfully pursuing finance or earning an annual income of around 1 lakh is not necessary. A little discipline, self-consciousness and a bit of patience is all that is required.
In his words:
This practice was not solely instrumental in my financial growth.
It helped me build myself. I developed greater awareness, confidence,, and happiness.
In anticipation of the next financial investment opportunity, make sure to spend 20 minutes with your money today.
Start now. Your future self will be greatly benefited by your efforts.
📌Written by YourMoneyMantra.com.
Learn how to be the best in your financial matters with Singhal Capital FinServe.
📌Disclaimer:
The character “Mr. X” in this article is fictional and created for illustrative purposes only. Any resemblance to real persons, living or dead, is purely coincidental. The financial strategies discussed are for general awareness and educational purposes and do not constitute personalized financial advice. Please consult a licensed financial advisor before making any investment or debt management decisions.
