How do you start saving money without knowing your goal?

Q: Now when one starts their earliest job you are saying that is a good idea, it is wise to start financial planning but you have a lot of aspirations, you want a nice car, you want to hangout with friends, you want international holidays, may be you want to buy a house in your hometown but you don't really know where to begin and how much to allocate and whether you would want all those goals say three years from today. So how do you start saving money without really knowing that it is a goal, it is an aspiration at the moment not an agenda.

A: To people who are really young say early 20's, mid 20's that is the segment that we are talking about, so what we advise this section of people is play with your aspirations, fulfill them. Do what you have to, buy a car, go for international holiday, do what you have to but in addition to what you are doing try and at least put away 20 percent of your money. We are not thinking of a goal. Now if you like a fixed deposit do that, if you like a recurring deposit, do it. If you like gold, do it. If you like a mutual fund SIP and if you don't mind little bit of volatility, just have patience and do that. So whatever it is just get into the habit of putting away some money aside. So what will happen is in three-five years, you will be pleasantly surprised that you have got a few lakhs behind you. And once you have your family and responsibilities come up on you, you feel so much better prepared to take on those responsibilities because you have got a backup and you have seen the results and the benefit. So even if you don't make too much of money, let us say a fixed deposit gives you 8 percent, so even if you have not made so much, it is okay because you know at least you have got these Rs 5 lakh behind me, it gives you a sense of fulfillment, a backup that if something really bad were to happen I have got money. I don't have to think about how will I feed my family in next six months if I lose a job. So that is where this sort of a thing really plays out in the early years.