Whatever your salary is, tell your family and friends after deduct at least 10% of it, and you should also calculate the same and plan your expenses accordingly.
If your salary is 30000, say 27000 and plan to spend with that month.
Now 90% of companies pay salary in bank account. As soon as the money credit in your account, select the auto debit option with RD,mutual fund SIP so that 10% of the money goes to that.
If you invest money directly in stocks, transfer the money to your demat account as soon as you get your salary.
Make sure those saving money is for your future and not for the present. Here 10% is the minimum amount, you save as much as possible.
Using this savings, you should first do the following three things and then save for long-term goals.
Emergency Fund
For the first few months, i.e., six months of your salary, you should have an easy-to-draw savings account or buy gold that can be mortgaged to meet unexpected expenses.
Medical Insurance
Most families' savings are depleted due to medical expenses, so it is essential to take out medical insurance for you and your family.
Term Insurance
You should take out a term insurance policy in your name for at least five lakhs (your family will get money if you die). If you take it as pure term insurance, the annual premium will be lower. Pure term insurance is insurance company use your money only for insurance, without investing it in stocks.
Saving 10% or more, emergency money, medical insurance for you and your family, and term insurance (life insurance) for yourself. These four are the basics. If you do this properly, you will be super in your personal finances.
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