Click to play videoNew Delhi: Youngsters today love to splurge with no liabilities and they never fall short of options to spend their hard-earned money. Even with all the expenditures there are a few investment mantras for people who don't have the word 'saving' in their dictionary.
Samrat Gautam is a young salaried employee who believes in living life kingsize like most youngsters, but his extravagant lifestyle comes with a cost.
Last month Gautam spent all his savings, amounting to Rs 50,000, on accessories like a new music system, alloy wheels, and seat covers for his most valued possession — his black Lancer.
Every month he pays Rs 10,000 as installment for his car and Rs 6,000 as EMI for the loan he had taken for the car. He shelled out an extra Rs 5,000-8,000 on miscellaneous shopping.
"I love to spend and that is the reason my lifestyle has left me broke. With all the expenditures at the end of the month, I'm left with nothing," he says.
Youngsters like Gautam are spoilt for choice, with no liabilities he doesn't need to think twice before he splurges on things he can easily avoid.
Investment Advisor Ganesh Shanbhag says, "One should learn to balance between spending and saving. One should realise how important it is to save for your future."
Here are a few saving tips for youngsters like Gautam:
- Invest Rs 1000 in a systematic investment scheme in mutual funds.
- One can increase the amount gradually.
- Insurance is a must — including medical insurance for one's parents
- Take a home loan of up to Rs 20 lakh. This way when one decides to settle down one will have a roof over their head.
The money one saves today might be a blessing for tomorrow in time of need.
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