Hi,
I am now 32 years old, with a family of 2 dependents. My current financial status is as follows:
Annual income: ~ Rs.7.5 lakhs
Savings in ELSS MFs – Rs.1 lakh (Rs.8k per month)
Insurance: Rs.50 lakh Term plan for self
Negligible amounts in terms of PPF savings
Gold worth Rs.3 lakhs
I will be continuing to invest in the ELSS funds until the end of this financial year, and then take a call based on how ELSS schemes will be treated in the new DTC. I am already in the process of taking up a health insurance plan for my family.
My immediate goals:
1. Buy a house/flat by 2014
2. Build a contingency fund for emergencies
As of now, I can invest an additional Rs.5k per month for these purposes. I can increase it to Rs.10k by April 2013. How should I go about doing the same? Ideally, I would like to have the down payment for housing loan ready by June 2014.