How young investors can begin their financial journey

Raghav (26) started working with an IT company around two years ago. He gets a salary of Rs 34,000. In spite of his job tenure, he has savings of only Rs 20,000. This is despite the fact that he lives with his parents and doesn't have any major responsibilities. Raghav loves exploring every new cafe that opens in the city. Besides, he likes to go out for concerts and movies with his friends. Raghav has made two significant purchases since he started working: a motorcycle and an iPhone. He now seeks our guidance on how he should start saving and managing money. He specifically mentioned that he loves traveling and visiting new places often, and would like to plan for this. Here are some simple steps that will help him get started. Make a budget Spare some time every month to make a budget. Try to limit your monthly expenditure to Rs 10,000 to Rs 12,000. Differentiate between needs and wants. A 'need' is something that you cannot compromise on. A 'want' is something you would like to spend on, but which is not necessary. Start saving and investing By starting early, Raghav can accu

This article was originally published on May 19, 2021, and last updated on October 12, 2022.