InvestorQ : I am a 21 years, IT Fresh recruit and started receiving my Salary which is 15000/month. I generally have saving tendency compared to spending. Can anyone help me in planning my salary into best saving options?
Abigail Ghoshal made post

I am a 21 years, IT Fresh recruit and started receiving my Salary which is 15000/month. I generally have saving tendency compared to spending. Can anyone help me in planning my salary into best saving options?

Answer
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Ayushi Kampani answered.
2 years ago


Nice to know that you are looking for saving options for your salary instead of spending carelessly. The early you start saving the better result you get. So for you, I would suggest you go like this:

S N

Options

Amount (in Rs.)

1.

LIC/ Other Life Insurance

1,500

2.

SIP (Long-term 10 years)

1,000

3.

SIP (Short-term 3 years)

1,000

4.

Medical Insurance

800

5.

Contingencies

2,000

Total Savings

6,300

I know there are two SIP Plan recommended, because the long-term SIP plan will fulfill your long-term goal like buying home, wedding, children plan, etc.; while the Short-term plan will take care of your short-term goals like higher studies or skill enhancement program, buying a bike, or car, international tour, etc. As per the above saving plan, you will be left with Rs.8,700 for your expense which will include your traveling, movies, shopping, and other costs.

Also, note that you should increase these proportion or saving amount with an increase in your salary by just top-up facility provided under Insurance and SIP plan. I hope I have answered your question.