Sir,
I am 23 years of age. I am working in a company since October,2015. I am new in financial market. Need proper guidance for my financial planning.
My details are as below: - In hand salary – ₹ 25000 per month. Monthly Expenditure (in ₹ ) – Family- 5500 Own- 3000.
Till 30.04.2016 my savings are (in ₹)- Savings A/c- 25000 PPF- 20087 PF- 10023 Monthly Investments (in ₹)- I have 3 mutual Funds SBI Bluechip fund (SIP amount- 1000) SBI Magnum Balanced Fund (SIP amount- 1000) UTI MNC Fund (SIP amount- 500) PPF- 5000. RD – 5000 (Maturity value - 1,86,294. Will be matured on December,2019)
Health Insurance – 14 lakhs. (For self . From Office. Premium amount ₹ 3000 yearly. Parents are under West Bengal Health Scheme)
Now we are living in a house which is my grandfather’s property. My father booked a flat where we will shift within December,2017.
My Questions are – In every month I have RS.3000-4000 extra in hand which I want to invest .Please suggest me some options where to invest . Suggest me some good liquid funds where I can invest through SIP mode. Suggest me some good tax saving funds where I can invest through SIP mode.
I have a HDFC Demat a/c which was opened along with my salary a/c . But I am not completely aware how to direct invest in stock markets. So please guide me in this point. I want to marry within 2021. So suggest me some good options to achieve the expenditure.
1 Answers
Hi,
1 - Are your parents dependent on you financially?
2 - Consider buying a Personal Accident Insurance plan. Read: Best Personal Accident Insurance plans.
3 - You may accumulate 'emergency fund' to the extent of 6 months living expenses through RD, after-which you may allocate the RD amount to existing equity fund schemes. You may consider switching to HDFC balanced fund.
Read;
4 - Continue your PPF savings. PPF is one of the best debt / fixed income options.
5 - Suggest you to buy a Health plan and do not depend entirely on employer's group cover. Read:
6 - Why do you want to invest in Liquid funds?
7 - You can consider investing in Axis Long Term Equity fund (ELSS- tax saving u/s 80c).
8 - Marriage expenses (5 years from now) - Are your parents saving/investing for this goal? or Do you need to plan for this goal? Kindly use the calculator available in this article to project the required amount of savings for this goal.
Read: Kid's education / marriage expenses goal calculator.
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