Archive · 23 Jul 2025
Financial Freedom: Experts Advocate Savings, Budgeting and Planning
Many people spend all their money without saving, leading to financial stress.
Experts suggest making a plan for your money, like setting goals and figuring out how to reach them.
They advise saving a portion of your income first before spending.
The suggested approach is to put 30% towards living costs, 30% for paying back loans, and 40% into savings or investments.
Start saving early and automate it.
Consider this like taking care of your health, planning and making decisions to build a more secure financial future.
Financial experts advise young professionals to adopt a savings-first mindset to combat impulsive spending.
Experts recommend creating a 'money map' by setting financial goals and budgeting accordingly.
The '30-30-40 rule' is proposed: 30% for expenses, 30% for EMIs, and 40% for savings/investments.
Saving at least 20% of income before spending is crucial, preferably through automated savings.
Financial awareness should start early, emphasizing the importance of emergency funds, insurance, and tax breaks.
- Who
- Financial experts Priti Rathi Gupta and Mrin Agarwal.
- What
- Financial experts shared insights on how to manage money, avoid overspending, and build financial security.
- When
- The advice is aimed at helping young professionals manage their finances effectively.
- Where
- India
- Why
- To address rising debt and low savings rates, promoting a 'save-first' approach.
Current Financial Practices
Recommended Financial Strategies
Spending vs. Saving
Current Financial Practices
Many individuals struggle with overspending and lack financial planning.
Recommended Financial Strategies
Effective money management requires goal-setting and disciplined saving habits.
- Recommended Savings
- At least 20% of income initially, aiming for 40%
- 30-30-40 Rule
- 30% Expenses, 30% EMIs, 40% Savings/Investments
- Financial Goal Setting
- Essential for creating a 'money map'
- Target Audience
- Young professionals
- Key Action
- Automate savings