If you’re a fresh graduate who has just kicked off your career, chances are you’re still paying off student loans on top of monthly credit card bills that come with increased expenses.
It may come as difficult, but this is in fact the best time to start setting a savings goal. Saving a small amount regularly early on will leave you better off than saving a bigger amount in later life.
Say goodbye to financial instability where you live from paycheck to paycheck or snowball credit card debts. When proper money management strategies are in place, young professionals in Hong Kong can get their money working for them.
1. Record your everyday expenses. Review your expenses on a monthly and yearly basis to work out where you can make changes and eliminate unnecessary expenses.
2. Start putting aside at least 10% of your salary for life’s emergencies. Whatever that you have set aside in the first three months is now your emergency fund. Do not touch this emergency fund unless it is absolutely necessary.
The trick to saving is to start now. Just remember, it’s always wise to delay gratification for greater rewards in years to come.
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