Starting On A Clean Slate

When embarking on your financial life, chances of committing mistakes exist. Make sure you do not repeat them.

- Preeti Kulkarni

When you are in your 20s and working, the money you earn never seems to be enough to save, forget planning finances for the future. Newly found financial freedom, career and relationships seem far more important and right, resulting in financial life being overlooked. Most youngsters would believe that they can get their financial house in order once they settle down and start their ‘real life’. After all, it may not seem like there is that much money to manage—you may not be making much money at your first job and the list of things to buy and own is simply too long to think of savings, let alone investing.

At 27, Mumbai-based Khushali Pandit comes across as any other girl her age—focused on her career, loves to hang out with friends and has dreams that she is working towards. “I want to do a PhD in Genetic Engineering and increase my income considerably by 2020 to pursue it,” she says. Contrast this confidence to her finances—two years ago she realised that she needs to save more and spend less. “I have realised the importance of being disciplined in terms of saving regularly,” she explains.

In Kolkata, Chartered Accountant Priyank Singhi is the same age as Khushali; he has an edge over her because of his background in finance. “The first and foremost thing towards achieving my financial goals is setting small milestones for myself and understanding my financial condition,” he rattles off like a pro. But, the confidence stems from the few financial mistakes he committed before acquiring this degree of authority. The biggest advantage that those who are just starting off in their career have over others is time and the fact that they start on a clean slate.

Start planning finances