1. Youth on the go also need to make correct money choices, even as they are confident about their career, earning ability, changing vocations and dreams.
2. Saving and investing is not the natural behaviour for this optimistic generation, while spending is, hence the trade-off is challenging.
3. They should, therefore, be helped to spend, save and invest as per their needs, for which flexible investments would work out better than drowning them with complicated ones.
4. As dependency and old age expenses would still have to be taken care of at some point of time, locking into an online term insurance plan, at a lower premium when you are hale and hearty, should top the list of smart money moves.
5. Next should be an adequate health insurance and accident plan suiting your lifestyle needs, even when travelling in foreign countries.
6. Buy direct online mutual funds, comprising of debt, equity and tax-saving funds, and automate them with suitable Systematic Investment Plans (SIP) and Electronic Clearance Service (ECS) mandates.
7. Monitor your finances with an expense tracker website which will alert you when a payment is due or when you have overspent under a certain head.
8. Set up a 6-month living expenses contingency fund, either through a liquid or ultra-short term debt fund or a flexi-deposit bank account, for unforeseen emergencies.
9. Get a handle on your "bad" debts and loans – credit card, car loan – for prompt automated payments without rollovers.
10. Don’t saddle yourself with a very heavy home loan, at the expense of other goals, as you cannot afford to mess them up when you are in your 30s and 40s.
2. Saving and investing is not the natural behaviour for this optimistic generation, while spending is, hence the trade-off is challenging.
3. They should, therefore, be helped to spend, save and invest as per their needs, for which flexible investments would work out better than drowning them with complicated ones.
4. As dependency and old age expenses would still have to be taken care of at some point of time, locking into an online term insurance plan, at a lower premium when you are hale and hearty, should top the list of smart money moves.
5. Next should be an adequate health insurance and accident plan suiting your lifestyle needs, even when travelling in foreign countries.
6. Buy direct online mutual funds, comprising of debt, equity and tax-saving funds, and automate them with suitable Systematic Investment Plans (SIP) and Electronic Clearance Service (ECS) mandates.
7. Monitor your finances with an expense tracker website which will alert you when a payment is due or when you have overspent under a certain head.
8. Set up a 6-month living expenses contingency fund, either through a liquid or ultra-short term debt fund or a flexi-deposit bank account, for unforeseen emergencies.
9. Get a handle on your "bad" debts and loans – credit card, car loan – for prompt automated payments without rollovers.
10. Don’t saddle yourself with a very heavy home loan, at the expense of other goals, as you cannot afford to mess them up when you are in your 30s and 40s.