THE cost of living crisis crippling more people than ever before has turned Anushka Rathod into an important content creator.
In the past three years, the former investment banker has gained more than 1.3 million followers on social media with finance-based content, which gives marvellous money saving tips in an entertaining and often hilarious way. Her videos, like ‘Free things on your birthday’, have been watched many millions of times. The financial whizz has quickly become an important online star and a strong role model. Eastern Eye caught up with the finance expert to discuss her journey, finance and money saving recommendations.
What first connected you to money and finance?
Coming from a business family first connected me to finance. Dinner table conversations would revolve around new business projects, how much profit they would generate, how they could expand and what working capital looks like. These conversations introduced me to all aspects of money. Also, being from a business family meant income wasn’t always stable and we were always on a budget, because future income was unpredictable.
What made you want to start creating finance-based content?
During the pandemic, my friends would ask me questions on money, investment, payroll and taxes because I was from the wealth management industry. I would tell them to Google it, but they would say those answers were long and boring. This enabled me to identify a gap in the market, where people could get quick digestible content, which would answer queries connected to all aspects of money, including tax savings. That was the starting point.
Did you expect to become so popular?
No, and even today I would not consider myself to be popular. My main job is to make videos and help educate people. If people find it useful, they will continue watching. So, it’s not about me, but the information I provide.
Which of your videos’ did you most enjoy making?
Videos I enjoy making the most include my two passions’ of travel and finance.
Is there a video you created that surprised you with its response?
Yes, an Apple service related video regarding one of their policies had 20-25 million views across social media platforms. I never thought it would get that response. But it was something not a lot of people knew about and helped them a lot.
What are the financial issues that people are most interested in?
A big one is where to invest, as there are so many options and people don’t know where to start. Other ones of great interest to my audiences include how to save on taxes, general budgeting, cash flow management, reducing loans and keeping track of expenses.
What are the common mistakes that people make when it comes to money management?
A major common mistake is people investing in things they don’t understand. If you don’t understand returns, risks, charges, taxations, mid/long term impacts, market volatility and other aspects connected to an investment, then the chances of losing money are high. People don’t know the questions to ask and fall prey to those selling them. Another big mistake is investing in things they don’t understand based on a promise made by others. Always know about everything you’re investing in and if you don’t understand, go to a professional.
Have people become more aware of money and finances after the pandemic?
Yes, definitely. The pandemic made a lot of people, especially youngsters, take stock of their finances. More social media influencers making content on finance increased that awareness. A lot of people lost their jobs and others saw their expenses, including medical, increase. All of this made people more cautious and aware of their finances.
What key tip would you give those who want to become better at managing their finances?
One key recommendation is to not overcomplicate things. Don’t let a lot of emotions influence your decision making and time management. Have periodic reviews and do your research, especially if you are investing in something. Don’t get disheartened and understand there is a solution to most financial problems, online, with experts and content creators. Have a clear financial goal and keep things simple.
Is there a top saving tip that you can give?
We are bombarded with so many adverts, including on social media and it becomes difficult not to indulge in impulse purchases. I would say pay yourself first. Be specific with your saving goals. Put aside a percentage of a pay cheque in a separate account. This will help stop overspending and make life more enjoyable.
Is there something connected to finance that everyone should be aware of?
Before investing and spending, have an emergency fund for up to six-eight months of your monthly expenses. If you live somewhere where there isn’t free healthcare, get health insurance because that can get you into huge debt if something unexpected happens. It is important to have safety nets.
What inspires you?
My audience inspires me. Getting comments like, ‘I started saving because of you’, ‘I had my money stuck and got it back because of your hack’, inspires me greatly.
What are your future plans?
My plan for the future is to make financial education even more accessible, but right now I think it is very cluttered, so I want to give it a structure.
Why do you love being a content creator?
I love being a content creator because I get to help so many people. It enables me to overcome challenges and learn every day. It’s very fulfilling work because it’s creative, helps people and makes a real impact.
Instagram & YouTube: @anushkarathod98