I work for a salary of Rs 1,25,000 per month after tax deductions.
I have two kids studying in Class V & Class I.
I have 16 more years in service
My total monthly expenses are as follows
Household 25,000
Home loan 19,000 (Still 11 yrs left & the total loan left over is 16,00,000)
Personal loan 12,000 (Still 3 years left & the total loan left over is 3,50,000)
Gold Loan 10,000 (Still 2 years left)
Local chit 25,000 (This amount on maturity is planned to buy asset like plot, land etc.,)
Credit card 20,000
Education 7,000
Total 1,18,000
My annual expenses are as follows
Term Insurance (1 Crore) 35,000 (Still 20 years)
LIC (13 lacs) 65,000 (Still 15 years for maturity worth 13 lacs)
ULIP (5 lacs) 50,000 (Still 7 years left for maturity worth 5 lacs)
Medical Insurance 15,000 (4 lacs policy for family)
PPF 20,000 (Still 8 years left for maturity, present worth 2 lacs)
My assets are as follows
2 BHK Flat worth 35 lacs i
1500 sq.ft plot worth 20 lacs
1200 sq.ft plot at a village worth 2 lacs
Apart from the above I don’t have any other saving or assets
I had not invested anything in Mutual funds or equities as I don’t know the ABC about it
My immediate plan is to go for car loan car worth around 8 lacs to buy a car.
Kindly help me know how to make a plan for my kids education, marriage and for my retirement life