The feeling of working for the first time and getting your first paycheck is something nobody ever forgets. Even before you get your First paycheck also means a lot to those who take up education loans to study and are finally able to pay them off.
In all this planning, one aspect that most young workers, mostly in their early 20s, miss is saving.
Saving is about habit. Children save in their childhood days by putting money in their piggybanks and by the time they turn into adults, this habit somehow goes away.
But, saving is very important. “The basic rule is that everyone should save. It helps you to be prepared for unforeseen crises and emergencies. It is a habit that has enormous benefits in the long-term and is more than handy when there are more responsibilities on a person’s shoulders,” said Archit Gupta, Founder and CEO of ClearTax.com.
Another question that pops up is how much you should save. “Someone who has just started working can begin with saving 10% of his or her income. This should be a bare minimum. As one gets more experienced and starts to earn more, the saving portion should also keep getting bigger,” said Gupta.
If you are determined to save, these are the 5 habits you should follow:
(Images: Reuters/Thinkstock)