Assuming you live a moderate Lifestyle, List down your Goals and classify them into Short term Mid Term and Long Term.
Short term (1 Year) can include taking your family for a Vacation to Dubai/Singapore, Buying the latest Iphone
Mid Term ( 2 - 5 Years) can include Buying a Car, setting up your independent office, renovating your house etc
Long Term (10 years or more) - Buying Your Own House, creating a corpus for kids ( assuming you would like to start a family), retirement plans.
Basis the aforesaid, you can divide your income and start investing in instruments which give you return atleast 10% or above. You can start an SIP in equity Funds, (you can browse Kotak Mutual Fund's Website, SBI, HDFC, Motilal Oswal, White Oak) to get an idea about the estimated returns in 3 - 5 - 10 year period. Invest a minimum of 10K per month into Mutual funds to get substantial returns. I would however advise you to keep your personal expenses to minimum - <5k a month.
You may also consider investing in stocks of Blue Chip Companies - Axis Bank, IRCTC, BSE, CDSL, Reliance, HDFC, Kotak - (May by 5-7k a month)
Once in 3 months, you may buy a biscuit, keeping in mind the prices of gold
Good you want to start saving from now. But bad idea if you want financial advice from strangers online.
Anyway, since you don’t have to pay rent, you can skip the 50-30-20 rule. (Look it up on Google)
Ideally, categorise your money into different buckets -
1. Investment for future
2. Fund to buy a gift for yourself (holidays with friends/ bike/ car)
3. Funds for wants (Swiggy/ Shopping/ Impromptu cafe trip)
For number 1, you can consider starting SIP. Meaning you contribute a regular amount - let’s say 5k from your account to this fund. This will be cut every single month from your account and it will compound.
For number 2, keep a target amount - let’s say 60k for Goa trip. So every month if you save 10k, over 6 months you’ll have enough for your trip
For number 3, keep a budget of 10k - miscellaneous unplanned expenses. Occasionally you will want to buy yourself something nice to deal with the stress of work.
So I got my first paycheck for the first time in my life. It ain't really much it's around 25k and I don't know what to do with this chunk of money as I make like a simple budget plan for the month and save 50 percent of my income (i live w my parents lol) so I just need some any general finance tips/advice on what not to do with your money especially in a firm culture type setting from the seniors
Short term (1 Year) can include taking your family for a Vacation to Dubai/Singapore, Buying the latest Iphone
Mid Term ( 2 - 5 Years) can include Buying a Car, setting up your independent office, renovating your house etc
Long Term (10 years or more) - Buying Your Own House, creating a corpus for kids ( assuming you would like to start a family), retirement plans.
Basis the aforesaid, you can divide your income and start investing in instruments which give you return atleast 10% or above. You can start an SIP in equity Funds, (you can browse Kotak Mutual Fund's Website, SBI, HDFC, Motilal Oswal, White Oak) to get an idea about the estimated returns in 3 - 5 - 10 year period. Invest a minimum of 10K per month into Mutual funds to get substantial returns. I would however advise you to keep your personal expenses to minimum - <5k a month.
You may also consider investing in stocks of Blue Chip Companies - Axis Bank, IRCTC, BSE, CDSL, Reliance, HDFC, Kotak - (May by 5-7k a month)
Once in 3 months, you may buy a biscuit, keeping in mind the prices of gold
Good you want to start saving from now. But bad idea if you want financial advice from strangers online.
Anyway, since you don’t have to pay rent, you can skip the 50-30-20 rule. (Look it up on Google)
Ideally, categorise your money into different buckets -
1. Investment for future
2. Fund to buy a gift for yourself (holidays with friends/ bike/ car)
3. Funds for wants (Swiggy/ Shopping/ Impromptu cafe trip)
For number 1, you can consider starting SIP. Meaning you contribute a regular amount - let’s say 5k from your account to this fund. This will be cut every single month from your account and it will compound.
For number 2, keep a target amount - let’s say 60k for Goa trip. So every month if you save 10k, over 6 months you’ll have enough for your trip
For number 3, keep a budget of 10k - miscellaneous unplanned expenses. Occasionally you will want to buy yourself something nice to deal with the stress of work.
All the best lol