- Pay off education loan
- Keep track of expenses
- Study financial products
- Save for small goals
- Buy an insurance plan
- Keep 10% for long term
- Reward yourself
PS: If I had had the luck to come upon such a list when I first began working in 1981, I wouldn't have had to wait till I got married in 1984 and my wife took our money matters in hand before I could begin pointing to a reasonable bank balance. Ultimately it is only because of her financial acumen that we were able to put together a decent nest egg.
- HERE ARE SOME REACTIONS TO THE POST ON FACEBOOK:
Nazir Bhatri Instead of "keep 10% for long - term" I suggest 25%. Easier said than done, but believe me, it will help a lot.
- Faye DSouza The formula I recommend is 1) Emergency fund of 3 months of expenses 2) Health insurance 3) Term life insurance if you have dependents 4) Pay loans 5) Start an RD for short-term goals like holidays and tech 6) invest in equity for long-term goals like retirement
Mini Kolluri You are single and have no debt or dependents, I'd say have and emergency fund and then make travel a priority. Jump off that cliff, dive into that sea!
