The current state of the job market is a curious one. The digital revolution has opened up several new lucrative avenues of employment with cash flow several times that of jobs in recent years. This sphere is largely dominated by youngsters, who have proved adept than older generations at grasping these new concepts and applying them in their professional lives. As a result, people as young as 25 or 26 are earning just as much as professionals with decades of experience, maybe more.

This inundation of the commercial sphere with rich youngsters is a goldmine for most businesses, as they show much less propensity to save than older people. This instinctual spending of youngsters coupled with the unpredictable and cutthroat nature of today’s job market has led to several million cases of debt and bankruptcy. Spending beyond their capabilities and lack of guidance are the main reasons behind these unfortunate events.


There are a few tips every young professional can follow to ensure that his tryst with the cash cow isn’t short lived.

  • Have a clear plan for the future: – A man without a goal is like a kite without a string. This adage holds true especially in the case of financial planning. Set both short and long term financial goals for yourself, and make each and every action of yours a focused attempt at achieving these. Any spending that is a deterrent to eventually achieving these should be encouraged only if absolutely necessary.
  • Budget smart: – Have a clear idea of exactly how much money comes in each month and what your vital expenses are. Set aside this amount at the start of each month and use only what remains for non-essential expenses such as travel and leisure. Electricity, food and other crucial bills should take priority over creature comforts.
  • Track spending: – Keep a detailed account of your day to day expenditure and review this at the end of the month. Doing so helps you keep a track of where your money is going and also identify areas where you can restrict unnecessary expenditure.
  • Prioritize savings: – An alarming culture of spending the full pay check with no thought to the future is fast growing in cities. Make it a point to shift a healthy amount from every pay check into a savings account. Dip into this in case of an emergency, or if you want to take a spontaneous holiday or buy yourself something nice.