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Saving Money in Your 20s – It’s Easier Than You Think
Posted on Wednesday, April 5th, 2017 | By IndusInd Bank
Your twenties are a tumultuous time. You are out of college, you probably have your first job, and you are finally coming to terms with the fact that you need to manage your money. While you are going to be tempted to spend excessively, it is going to cost you in the long run. Saving money in your 20s might seem like an uphill task, but it is doable and simple. All you need is an individual savings account, and a lot of willpower. Here are a couple of simple tips to save more in your twenties:
- Make Saving a Habit
Even if it is saving a small amount every week or month, it is integral to establish saving as a habit when you have just started earning. Start with small amounts that will not take too much out of your spending money, and soon you will see a remarkable growth in your savings. Once you get into the habit of saving, you can increase the amount to be saved. You may also find yourself motivated to find ways to curtail unnecessary expenses. The easiest way to do this is to set up an individual savings account and add money to it right after you receive your paycheck every month.
- Create and Stick to a Budget
Once you sit down and analyse where you are spending most of your money, you will come to realise that most of it can be saved. It may seem hard initially, but you are going to have to steel yourself and make sure you stick to your budget for the month. A good rule of thumb is to stick to the 40-30-20-10 principle, which refers to allocating 40% of your paycheck to monthly expenses like rent and other bills, 30% on food and transport, 20% for the amount that is to be put in your individual savings account, and 10% for extra expenditure.
- Invest, Invest, Invest
When you manage to set aside a monthly savings account, you can start investing some extra money that you have. A few high-yield and low-risk options include investing into an individual savings account with a high interest rate, Systematic Investment Portfolios, or SIPs, mutual funds, and many other options which can help put your money to work.
By following the above suggestions, you should be well on your way to saving a substantial amount of money for your future. Open your individual savings account with IndusInd Bank today.
