Need Guidance on Financial Planning

Dear Sreekanth, I need help with some financial planning. I’m 36 and have a job which pays 50k monthly. You can say this financial planning will a start from the scratch as all my earlier savings have been used up to pay up all my family’s past debts. Currently I have a home loan of 16 Lakhs for 20 years and pay 16000/- per month as its EMI. Current  investment is as follows : Birla Sunlife Equity Savings fund-Gr Regular – 3000 p.m. UTI-Mastershare Unit Scheme-Growth- 1500 p.m. UTI-Unit linked insurance plan-10 Year Plan – 2000 p.m (two MFs of 1000/- each) (exemption in tax) DHFL Recurring Deposit : 2500 p.a Mediclaim Policy – 12249/- premium from Oriental Insurance – sum insured – 600000/- I will be having a Kid this July and one more goal would be to buy a car within the next couple of years. I know this is a very stupid question to put at this stage, but need your guidance on where to invest which will help save for the kid’s future as well as help on tax savings. What kind of % should I actually save and what % should I invest and what should I invest in ?. Secondly is there any scope for long term wealth creation. Your help will be much appreciated. Regards, Rd