ARTICLES

If you look back on your life and wish you did things differently, what would they be? 

I would love to tell my 18-year-old self the following:

Believe in yourself

As young adults, many women doubt themselves. They do not trust their own decisions. This is a big mistake. You need to be confident and believe in your own abilities. You also need to prioritise your own needs and take care of yourself. If you feel you’re faltering, ask for help. There is no harm in seeking help. In fact, acknowledging your own shortcomings and looking for advice is a massive sign of strength and you should be proud of yourself for doing so.

Save and invest

It is very lucrative to buy an expensive bag with the money you earn yourself. But do you really need it? Evaluate your purchase requirements and try to minimize your expenses. You need to get into the habit of saving and consequently investing. Saving and investing are the two main ways in which you can achieve long-term financial independence. Therefore, make them a priority at all costs. Even if you save INR 500 a month, you can build up a corpus of over a crore of rupees in about 40 years! 

It is important to prioritize your goals by understanding which is a need and which is a want. And then start investing accordingly.

Also, refrain from using your credit card carelessly. Many youngsters pile up a lot of debt due to this reason and then struggle with it till they are much older. Nip the problem at the bud by staying away from unnecessary spending.

Focus on fitness

Youth, especially the years of early adulthood, are some of the most fun and carefree times of our lives. Opt for healthy food and activities like yoga and meditation. However, many people end up harming their lives too by adopting dangerous lifestyle habits during this stage. Also, they neglect their health because everything seems fine on the surface. Ensure you do not do this and take regular stock of your health.

Also, this is a wonderful time to buy health insurance as you can get it at a lower price and on the best terms too. And while buying health insurance, also explore the life insurance options. Getting a life insurance plan at such a time can prove to be highly beneficial as you will get the plan at a very cheap rate. Buy now and stay covered for the years to come.

Celebrate each milestone

You are working hard and you need a reward for that. Do not get too busy saving or paying for the household expenses - you need to pay yourself first, thus celebrate every big or small achievement. Your time is important and you need to be remunerated for that. Keep a sum of money aside for yourself each month. Buy things that make you happy as that will motivate you to keep working and progressing in life.

It is therefore important for you to make a budget and stick to it. List down your savings, your expenses and your remuneration and you will know how to go on in your financial journey.