You are in the threshold of life where a good decision could make you or break you. It could make you a millionaire or simply be amongst the common few. You need to take prudent decisions on budgeting; savings and ways and means of earning that will take you a long way:
Start building your emergency funds: start setting aside some money irrespective of how small your earnings are. Don’t get bogged down by your loans and forget to provide for the future. Even if it s few rupees a week, setting it aside will help. Put it away and simply forget about it. Before you know it, it would have grown to a good amount which you could use for a down payment or a house, a car or simply to add onto your education
Start saving for your retirement now: am I talking of retirement too early. The more you procrastinate, the more you push it back. The sooner you start saving the better. You can keep saving and use that money to invest which would again result in additional income for you. Use it for short term investments and keep rolling it to add on. Unless you come across a long term investment which would generate enough and be better in the long term, think twice before blocking your money. Being sincere about savings helps in the long run, now and in the future.
Handle taxes smartly: Learn about taxes. Start saving once you have provided for them. Once you have been offered a job and know about the taxes, mentally think about the amount of money that you can put away after paying for your taxes. They need not just be savings but can be some risk free investments that will help you to add on more to your funds. Budgeting your income from the beginning helps a great deal. Even when you are applying for a new job be aware of the salary or the remuneration your employer decides to pay you. Make sure it is at least a good raise to leave enough money in your hands as disposable income which you could use to your liking.
These three little things help you to have a smart buffer as you age. Sometime later, you would be able to look back and thank yourself for being thoughtful about your future.
Start saving for your retirement now: am I talking of retirement too early. The more you procrastinate, the more you push it back. The sooner you start saving the better. You can keep saving and use that money to invest which would again result in additional income for you. Use it for short term investments and keep rolling it to add on. Unless you come across a long term investment which would generate enough and be better in the long term, think twice before blocking your money. Being sincere about savings helps in the long run, now and in the future.
Handle taxes smartly: Learn about taxes. Start saving once you have provided for them. Once you have been offered a job and know about the taxes, mentally think about the amount of money that you can put away after paying for your taxes. They need not just be savings but can be some risk free investments that will help you to add on more to your funds. Budgeting your income from the beginning helps a great deal. Even when you are applying for a new job be aware of the salary or the remuneration your employer decides to pay you. Make sure it is at least a good raise to leave enough money in your hands as disposable income which you could use to your liking.
These three little things help you to have a smart buffer as you age. Sometime later, you would be able to look back and thank yourself for being thoughtful about your future.
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