Things To Start Doing When You Are Young

Gen Z and savings? We often consider the youth to be reckless and irresponsible. But if you ask today’s youth about their plans for the future, you might be surprised. While they do believe in living in the moment, they are also extremely conscious decision-makers. A survey by Tata Capital found that 39% of Indians aged 18–25 were saving a quarter of their salary. They also looked for options beyond bank deposits to earn better returns on their savings. 

But why is it so important to #ThinkAhead? Well, when one is young, it is difficult to understand the real value of money. Saving doesn’t come naturally to most of us, especially when health, energy, and age are on our side. Slowly, as life becomes unpredictable and health begins to take a toll, we realise that a nest egg works as a shield to keep our life stable and secure. 

Today, if you’re young and debt-free, congratulations! But do read on for some ways to maximise the benefit of planning ahead. 

Start saving early

Nobody can foresee the future. Who knew 2020 would surprise us with a global pandemic, an economic slump, and numerous job losses? Since the future is unpredictable, it is best to be prepared. The yardstick for planning ahead starts with becoming financially independent. You can start saving only when you have enough money. Financial independence is the freedom to make your own money-related decisions whenever you feel the need. 

As a 20-something who is earning a decent income each year, saving early comes with many benefits. The trick to saving money is to start as young as possible. Money saved at a young age grows faster thanks to the power of compounding - and because you have fewer responsibilities. So. save for your needs, wants, or even luxuries like a vacation or a new car. These early saving decisions will stop you from dipping into your emergency fund later. 

Reduce stress

Being faced with the realities of a pandemic, a job loss, or even a shortfall in income can lead to severe deterioration of mental health. With rent, medical expenses, and miscellaneous bills to cope with, financial stress builds up over time. As a young individual, it is necessary to pay attention to your health while learning the art of saving early. Instead of allowing stress to ruin your peace of mind, create a pool for contingencies. Use budgeting tips to allocate your assets better and develop a secure savings plan for an unforeseen future. 

Learn life skills

Picking up life skills at a young age allows one to become a more responsible, self-sufficient, and often frugal adult. To be independent later in life, one should start learning basic home maintenance tasks as early as possible. Can you unclog a drain or fix a fuse if required? While these tasks may seem simple, a big part of being independent is possessing the ability to solve minor problems.  The sooner you learn to tackle small obstacles in life with confidence, chances are you will grow into a more capable adult.

Invest in your health

What will happen if you suddenly fall ill? An unexpected illness or death can leave your loved ones mentally distraught - with financial burdens as well. Instead of taking your youth for granted, focus on taking care of your health. A single visit to the hospital can cost thousands of rupees today, so how does one prepare for the worst? 

Tata AIG allows you to choose from a variety of health insurance plans that cover different situations, without taxing you. As an active policyholder, you will be covered for expenses incurred during the treatment of various illnesses, injuries, surgeries, and dental problems, which would otherwise have to be paid from your pocket. 

Paying a comfortable annual premium towards health insurance will prevent financial drain during times of distress and protect you against health emergencies. 

Enjoy a good life

Planning young comes with plenty of perks that are mentally, psychologically, and physically stress-free. One of the biggest reasons to start thinking ahead is to enjoy a financially secure tomorrow. Once you have enough savings to lean on, you can enjoy a comfortable and hassle-free life. When you learn to plan your expenses, savings, and future earnings, you set yourself up for financial success. Don’t wait! Focus on your health, wealth, and happiness today - to build a stable future for yourself tomorrow.