How to save a 100k before you turn 25??

Turning 25 for many a folk is an intimidating destination. Who isn’t familiar with the dreaded quarter life crisis; where people more often than not are stuck in the middle of a plethora of directions to choose from yet find themselves directionless? While many put themselves on the path of achieving certain self-determined milestones before this age, others run after the pre-set ones being followed by the crowd. So in such a dilemma where turning 25 is already a mentally exhausting (when unable to achieve the milestones) disposition, how can someone embark on a journey of saving a 100k before hitting the dreaded 25 mark? When most of us start working well after the age of 20 with nominal amount of pays, this seems a daunting task; but if carried out in a well structured and smartly planned manner; not only can you do it before 25, but can reap the benefits of this practice of saving well into the ripe age.

So here are a few steps that can catalyze your intention of saving a 100k before your silver jubilee

Ø DO A DETAILED AUDIT OF YOUR EXPENSES

Before actually starting to save the money you are earning, it’s crucial to know where you are spending it and how much spending is going into each compartment of expenses. Traversing things from your mind to front of your eyes helps a great deal in chalking out ways where expenses can be efficiently cut down without making any magnanimous compromises on your quality of life.

Ø SET SMALL TARGETS OF SAVING

Such huge amounts of saving can often have an intimidating outcome; consequently putting your entire saving plan at risk. To avoid this, rather than setting one bigger target of a whole 1ook, set smaller and easily surmounted ones in smaller time intervals, so that the bigger task is separated into 3-4 lesser imposing steps thus improving your chances at success exponentially.

Ø DO NOT GET OVERWHELMED

Now this is one hard pill to digest for many. Young age and money in hand are two things that are hardly ever consistent with each other. You have an enormous amount of will to spend on articles of your interest and the constant onslaught of advertisements left, right and center makes it all the more tough. This can be defeated by setting your mind to things you are saving the money for; be it travelling, be it purchasing a collection of antiques, be it paying off loans for your parents. Never let your mind loose the grip on the ultimate target you are setting aside money for. This will help dull the magnetism of every other expense your mind might be intending that puts your saving plan in jeopardy.

And there you are. These aforementioned steps can prove instrumental in your capturing the target and as they say, things aren’t even remotely as difficult as we imagine them to be in our minds.