We continue with our series on youth and their financial planning strategies.

We began with two couples, Anjali and Uday  and Nikhil and Arpita, who shared their financial plans and objectives with us. Financial expert Gaurav Mashruwala analysed and advised them on their strategy.

Over here, we look at someone who is young and single.

Prashant is just 24 but wants to ensure his finances are on track.

He lives in Navi Mumbai and works in the Business Intelligence Unit of a global market research firm.

He lives in an eight-member joint family. This includes his parents, three brothers (including himself), a sister-in-law and two children.

As part of a middle class family where just two of them are earning, Prashant is wisely cautious about money. "I think twice before reaching for my wallet," he says.

He always was guarded about spending. Seeing his father and elder brother work hard to make ends meet made him realise the value of money.

While they never rolled in money or had surplus cash, they did have enough to comfortably get by. Good food and good education is what his parents strove to give their children. "We were never given any luxuries; for instance, none of us have a vehicle. But I was never deprived of anything," he says matter-of-factly.

Prashant is candid about the fact that money is extremely important to him and saving is crucial towards deciding the future. But he is quick to say he views it more as a security that comes in handy when there is a medical emergency or an unexpected expense.

"Having a status associated with a certain amount of money is the least of my concerns," he says. "I like spending but am not a spendthrift. I don't believe in showing or trying to impress others with my bank balance."

Prashant has just one goal. To buy a home worth Rs 8,00,000 to Rs 12 lakh (Rs 1.2 million) by the end of this year

• Prashant's expenses
• Gaurav Mashruwala on his financial planning strategy

Would you like to be financially appraised? Then do write to us with these details and Gaurav Mashruwala will comment on your investments.

1. Name
2. Age
3. City you live in
4. Phone number
5. Take-home salary/ earnings
6. List of your current investments and the amount invested in each
7. Number of loans you are servicing with details of tenure and EMI
8. Monthly expenses
9. Details of insurance cover (medical and life)
10. Number of dependents
11. Goals towards which you would like to save
12. Tax bracket you fall under

• If you are married, the above details need to be provided for both spouses.
• Requests without all the above details will not be considered.
• We will not be able to answer every query due to an overwhelming response.

Disclaimer: Gaurav Mashruwala will only comment on the information supplied to him. While efforts have been made to ensure the accuracy of the information provided in the content, rediff.com or the author shall not be held responsible for any loss caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles and information).