How much should I save per month ?

POSTED BY koushikdutta ON January 24, 2014 12:15 pm COMMENTS (2)

Hi, I am from kolkata and earning 33,000pm (year 2014). I save a bit more than Rs 90,000 in a year which I invest totally in LICI (total sum assured Rs16,00,000 and all ending by year-2025). I made very little investments in any other sectors. Other investments are 2 FDs of Rs 20,000 each for 5 years. Shares of total amounting Rs50,000 according to Jan 2014.

I have to purchase a flat which I think should be near about Rs 35,00,000 (I would get a help of about Rs 15,00,000 from my parents). I am going to marry next year. Now tell me how much I have to save in a year and in which funds. How much should I have during retirement so that a middle class family can lead an existing pattern of life style? Please suggest me.

2 replies on this article “How much should I save per month ?”

  1. ashalanshu says:
    January 24, 2014 at 9:36 pm

    Dear Koushik, how you are going to plan the house purchase?

    Thanks

    Ashal

    Reply
  2. Sumit says:
    January 24, 2014 at 8:42 pm

    You are young and your earning is only going to increase in future ,this is the time to be aggressive and take higher risk in your investment.

    1) Try to save 40- 50% of your take home.
    2)Equities should form major part of your investments (60%- 70%) , better to start with mutual funds as direct stock investment needs much more understanding about stocks and regular follow up
    3)Keep (15-20%) in fixed Income products and debt funds
    4)Open a PPF account and start putting money in it for your long term goal.
    5) Just keep 3-5 months expense in a saving account as emergency fund, Know more about emergency fund as below:
    http://www.behealthyinvestor.com/where-to-park-my-emergency-fund

    6) Invest 10% in Gold – obviously in Gold ETF or Gold funds rather than physical gold
    7) Plan for your tax saving early and not at last minute, consider PPF, ELSS as options.
    8)This is also the perfect time to get the term insurance or other health covers, as the premium will be much lower at this stage.

    Know what could be your asset allocation as below:
    http://www.behealthyinvestor.com/asset-allocation/

    Thanks
    Sumit

    Reply

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