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Money management to financial security by 30
Usually, the term "financially secure" is synonymous with people entering middle-age. Though its more relevant with another kind - those who understand how the wealth grows with time. "Planned saving equals earning" for reaping the long-standing benefits of simple personal-income management.

The activity is simple, not futile, morale-boosting and even improves self-reliance. All one has to be is "young and wise".

Here are a few tips to boost those savings by age 30: 

1. Keeping Balanced Lifestyle

When we begin earning, we tend to go loose on our spending. We want to buy all that we wished for, though that seldom helps for most of the times our expenses outdo our income. But, as it's said, "wisdom is to know what do we need more than what we want now."

To follow a living when there's enough livelihood left for decent savings, a step that could help is keeping a track of our daily expenses – in a journal, or online mobile app. Smart move would be making 15-20% of monthly income available for saving.

2. Investing in Skills

Growing as "an asset to self" becomes necessary with time to secure better remunerating job or business. Eventually, no matter what one saved by 30, the habit of updating skill-set would enhance career choices and thus, future compensations.

Something simple as 'time management', or more meticulous like a 6-sigma certification course – anything and everything improves work profile and catalyzes income-growth.

3. Setting Goals

"A Goal without a Plan is merely a Wish". Therefore, mere wishing to save isn't going to be fruitful. Since, small steps are to be achieved eventually paving way for larger accomplishments; a little regular progress is going to add up to big results.

Setting up of time-line of the goals is vital – especially with loans or EMIs. A wise step to pay off a loan before the next 3 years, or investing in mutual funds - either way, setting up a period makes completing objectives realistic and workable.

4. The Habit

More important than saving big amounts, is its act. The young love to get serious about saving for retirement; though, taking baby steps suffices for the time.

Setting up those EPF and PPF accounts not only streamlines financial planning in 20s, but also gives scope of investments. Added advantage is opting for Company's Pension Plan to the maximum affordable limit.

5. Avoiding Extravagance

The simple aim must be – 'expenses mustn't exceed income'. This leaves room for savings/investments, in addition to inculcating a more cost-efficient lifestyle even when the income rises.

Therefore, utilise the excess income to reduce debt, rather than splurging on luxury; which also sounds more appealing – "aamdani rupaiya, kharcha atthanni".

6. Financial Literacy – Real Tips to Save Money

Personal Finance seems like coursework; in reality, it's a lot like say, learning to type. Appears daunting at first but as one grasps the basics, the pay offs are lifelong.

Moreover, the effort to understand finance galvanized with calculated risks would make for wealthier future assets.

7. Borrowing Code

To fund expenses through borrowings (loans, etc.) isn't bright; for it expands credit. Not to mention the habit dies hard while adding to lifestyle costs, leaving zilch room for savings.

If at all, borrowed money should be invested whose returns exceed costs. Be it learning skills, buying estate, stocks, FDs – all leverage wealth increment and allow easier financial goals achieving.

In conclusion, it all begins with one step at a time; and the 'time' is to be "young and wise". 

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of In case you have a opposing view, please click here to share the same in the comments section.
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