Saving is something one should start early to attain financial security in the long run. The most common mistake that is usually committed is saving only what is left after spending. Warren Buffett the world's most successful investor advice goes " Don't save what is left after spending, spend what is left after saving".

Saving doesn't merely mean keeping aside a certain amount. It means investing that saved amount in the best possible way considering the risks and returns associated with it. One should consider inflation, which is a major contributing factor to decreased purchasing power. Remember that one rupee after one year will not have the same value as today.

Life is always full of surprises and uncertainties so it's better to be pre-prepared. Buy assets that generate income, not the assets that create expenses. Simply put if one buys a car with Rs10 Lakh he/she needs to incur expenses such as wear and tear and also depreciation, when sold the sale amount will be less than the invested amount. If one buys a plot of land with that Rs 10 Lakh the possibility that he/she will generate more than 10 lakhs without incurring many expenses is high, same goes with the assets which mostly generate income in the form of rent, lease, interest, dividend, etc.
So, financial literacy for everyone is the key. On this Varalakshmi vratham analyze your income and expenses, focus on 2nd source of income and don't spend when not needed, invest well, and focus on the future rather than sticking to the present.