Start Saving From Your First Job Onwards

When you start earning you are at stage where you can get a good head start with savings and investment. Here are certain key words which can help you to take first step towards money in right direction.

 Save 20 – 25% of your salary

Start saving even a small amount from the very beginning of your career in order to build a wealthy corpus and an  emergency fund as well. Try to save 20 – 25% of your salary in order to develop a habit of savings.

Set clear goals

Have a clear set of goals right from the start as it will help you provide directions to reach your goals. From buying a bike or a gadget in a year or a car in next 2 – 3 years or even starting your own venture all your goals should be defined, so that it will help in better allocation of money.

Plan investments

Investing a huge amount at this stage may not be possible as salary levels are low. Try to keep a track on all your income and expenses so that you can have an idea about surplus which can be invested depending upon the financial needs and amount of risk which a person can take.

Keep unnecessary debts away

You may want to enjoy your first salary by spending but don’t forget to plan the repayment of education loan or any other loan taken by you.