Moral: Learn How To Save From The Very Beginning

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MoneyMindz.com India’s First Free Online / On-call Financial Advisory

I started earning at the age of 23. Now, at 29 when I look back, I realize the importance of saving money rather than wasting on unnecessary things. Most of the young guns does not foresee and indulge in profligacy until and unless something struck their mind as a lightning and signs of maturity dawns inside them.

The top four money saving tips I wish I knew in my early twenties.

I wish I knew the importance of savings – no matter how small they were

It seemed like a boring word back then ‘savings’ but today I know it differently. Every time I spend Rs. 1,500 on a restaurant meal, I miss a chance to make it Rs 4,200 over 10 years (assuming some percentage annual returns that equity funds can offer). Imagine if I had started investing Rs. 1,000 per month for 8 years in equity funds, I would have had a corpus of Rs 1.8 lakh today which would still be growing every year and would be TAX-

I wish I knew how to save taxes the right way

I realized too late that my “Tax -Saving” investment in an insurance policy was not yielding any benefit. I actually did not even need to start putting money into anything that “saves tax” until I was 25 because my rent receipts would get me the tax break I needed. Now I am stuck with this insurance policy for another 12 years until it matures and I will continue to pay Rs. 60,000 per annum for it. I wish someone had told me about ELSS.

I wish I had invested time in learning about finance including investing in Equity

Having turned almost 30, I now realize that saving money and making it grow is a lot about knowledge and turning to the right people for advice. I have been investing regularly in equity for the last 2 years and I realize that there is no better way to grow your savings in a way that does not burden you. I can put a small amount away into equity funds every month and as the investment completes a year, the investment grows whilst becoming tax-free.

You do not have to listen to everyone

I wish I realized that the traditional investment instruments advised by most of my elders were more about saving money and less about growing it. Insurance policies or Fixed Deposits may help you save money but rarely give you the inflation-beating returns that equities do. If you are looking to fund that big Europe holiday when you are 35, equities will beat the traditional money instruments easily.

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