Money Saving Tips for the Young Professional
PNB MetLife 11-11-2016 05:15:45 PM
You’re a recent graduate and you’ve just landed your first job. What can be more exciting than having those first few pay cheques in your hand? As tempting as it is to immediately spend that hard-earned money on the new iPhone, in the long run, it’s much wiser to start saving right from the beginning. While it’s important to inculcate a spirit of hopefulness when considering the future, in today’s economy, it’s equally necessary to be prepared for any eventuality. Read More
Young professionals are usually the first to be laid off. In case of a lay-off, a young person can be without an income for several months. In such a scenario, to cover costs, it’s imperative for you to have some money set aside. To develop the habit of steady saving of money, consider an investment plan such as fixed deposits or debt schemes of mutual plans.
Young professionals need to also consider the long-term. From something as simple to travelling overseas to getting married or buying a house, there will soon come a time where you will want to do any one of these things. They are all huge investments that will require large sums of money. To meet these goals, it’s advisable to consider investments in equities through mutual fund units or unit linked insurance plans.
A major argument for setting up an insurance policy at a young age is that you can get it at a very low premium. Considering a viable plan to save money is extremely beneficial in this market, select an insurance plan when you’re young, so that it doesn’t cost too much money, and reap the benefits in the years to come.
Starting out in this economy can be an intimidating reality, but making smart decisions with your early earnings will set you up for success.