At a time when millennials are living pay cheque to pay cheque, reiterating the importance of savings to meet future goals is significant. As you may have received the first salary of financial year 2018-19, why not take some steps to save a portion of your salary wisely. This may well get the trend rolling for you well through the year. Let's see how:
 
1) Financial planning

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You must start off with your tax planning to figure out how much money you need to invest for tax purposes. Accordingly, you may calculate the amount of investment required each month.
 
2) Calculate your expenses
 
If the investment amount appears too much, make a list of all the expenses that you do. Figure out which one of those you can do away with. Cutting down on expenses is the first step towards saving money.
 
3) Invest in financial products
 
Now that you have a figure in mind that needs to be set aside each month, start investing this in financial products such as life insurance policies, PPF, ELSS and mutual funds etc.

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4) Auto-deduct option
 
You must go for automated transfer option so that the money gets deducted automatically from your salary account to respective financial products. Ideally, all deductions should be scheduled during the first week of month, depending on when you receive your salary.
 
5) Emergency account
 
If you have two-three bank accounts, you must treat one as your emergency account. Each month, transfer some in this account, because liquid saving is equally important.
 
6) Goal-based savings
 
Savings without a specific goal will not bear fruit. Fix your goals, for example, buying a car, planning a vacation, child's education etc., and then start setting aside money.

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7)  Watch your savings grow
 
Keep evaluating the amount of savings that you have been doing. You may have to effect minor changes as you go along. However, once you start, not only would it inspire you to save more, but also help you hit your goals faster and that too at a younger age.