1) Live within your means – An often used statement seldom put into practice. But, one that holds a lot of weightage when it comes to ensuring you bypass the credit debt trap. Better opportunities, higher pay packages, lifestyle changes are some reasons why young professionals often risk living on credit. But better financial sense should prevail in restraining those that enter into such risk.
2) Curtail unnecessary expenditure – If you follow the previous advice, there is no need to move into this one. You are doing fine. But, if you haven’t, then control unnecessary expenditure that you can do without. Whilst maintaining your lifestyle, leisure events and other such activities is important, you could do away with the ‘extra’ or ‘largess’ spending.
3) Save – Whilst Indians are known to have the saving ‘genes’ most young professionals now have kept this on the back burner. It’s good to save not just for a rainy day but for everyday, later on, when you would need it the most. Keeping aside a fixed portion of your monthly salary in savings is advisable. If you find it difficult to do that maintain quarterly saving calendars.
4) Invest smartly – All of the above advices are interlinked, leading to investing your saved money in smartly. Whilst the personal finance markets/industry comes up with saving instruments almost every week, what suits you best is what you should focus on. Keep your short and long term financial goals in mind before making any decisions. Take the help of a professional to assist and advise you. Seniors in your family or friends circle could also provide feedback but again the end choices are yours and make them thoughtfully. Beware of the ‘get rich’ schemes and plans thrown at you, research well before letting gullibility take over. And off course do read the fine print carefully.
2) Curtail unnecessary expenditure – If you follow the previous advice, there is no need to move into this one. You are doing fine. But, if you haven’t, then control unnecessary expenditure that you can do without. Whilst maintaining your lifestyle, leisure events and other such activities is important, you could do away with the ‘extra’ or ‘largess’ spending.
3) Save – Whilst Indians are known to have the saving ‘genes’ most young professionals now have kept this on the back burner. It’s good to save not just for a rainy day but for everyday, later on, when you would need it the most. Keeping aside a fixed portion of your monthly salary in savings is advisable. If you find it difficult to do that maintain quarterly saving calendars.
4) Invest smartly – All of the above advices are interlinked, leading to investing your saved money in smartly. Whilst the personal finance markets/industry comes up with saving instruments almost every week, what suits you best is what you should focus on. Keep your short and long term financial goals in mind before making any decisions. Take the help of a professional to assist and advise you. Seniors in your family or friends circle could also provide feedback but again the end choices are yours and make them thoughtfully. Beware of the ‘get rich’ schemes and plans thrown at you, research well before letting gullibility take over. And off course do read the fine print carefully.
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