The first job and the next few years of the 20s is the greatest opportunity to set your finances in order. As boring as it sounds, starting to save early has huge positive impact in wealth creation later in life. Saving does not mean you spend less on things you need in order to put money in a piggy back, there are smarter way too.

The toughest but essential part – a plan.

The most important step is to work on a Financial plan. Don’t imagine complex excel sheets and pie charts. We are talking about how much you have to set aside every month before spending; this is easy and you can do it on a calculator on your phone. The mandatory deduction made by your office like PF can be counted as savings too. But don’t just dwell on that; do speak to your HR manager, they’ll usually have a tax Planning kit that will come in handy in your planning.

Let office pay the fees.

It takes time and hard work to move up. Make clear goals and determine what you need to do to reach them. You can request the organisation to sponsor a course if the upgraded skill set will help in the present job. Many organisations don’t mind sending their employees for training and orientation programme; some even sponsor international MBA / MS programs.

Take advantage of the perks.

Always opt-in for office given tax-friendly perks such as meal coupons, and travel reimbursements, Leave Travel Allowance (LTA) for which you need to retain boarding pass or proof of travel, it may sound tedious but you’ll enjoy the sweet benefits of savings.

Health and insurance benefits.

Many offices offer group life insurance and health insurance, while this is not sufficient for a lifetime of protection and coverage, you can surely use it for emergencies, health checkups and if you are lucky, it may cover you family too.

Financial planning, the very word brings an abhorrent mood for youngsters, anyone doling advice on this is a ‘boring guy’; but eventually as the wisdom teeth settles in, everyone realises that they could have surely started saving a bit early.

Read Also: How To Stay Focussed If You Are Multitasking

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