Everyone knows the thrill of first salary and in no time it is spent on all that you were planning and waiting for a long time. It is only after sometime that one starts to think about saving for future.
The question comes why one should save ? The answer is very straight - there are various things in ones life which require money like children education, house, social obligations, care of parents, travel and leisure and many more. Everything in life is to be managed with flow of ones income. How much one is earning and how much one is spending.
There is an old saying that one must save for the rainy days. You do not know the future. Anytime in life eventualities can emerge from nowhere and lot of expenditures become imminent.
Saving from day one is the thing which one has to cultivate and it means saving right from your first salary.
There are people who will mislead you by telling that life is very short so do not save, just spend, be merry and enjoy. Same people when you are in financial crisis will fully blame you for not saving for future.
Saving is not a compulsion it is a requirement for your future.
Individual to individual it will differ how much one should save. What are his or her aspirations. What is the time frame of envisaged future activities. Generally a saving in the range of 25-30 % of your income is considered adequate.
One important aspect in this matter is the situation of miserly spending where a person starts to save more and more by restricting the present expenditures. This is not a healthy practice, as it will lead to a miserable present life in the hope of a bright future.
Saving and spending have to be in a balanced manner. If our income is less, our savings will also be proportionately smaller. In such cases we may even go for curtailing some of the expenditures priority wise.
Saving from the first salary is definitely required for a comfortable life in future.
Knowledge is power.