My age is 30. I have around 1 Lakh in PPF, 3 lakhs in FD.
I earn around 65K per month and currently investing in Aditya Birla and Axis ELSS scheme Rs 2000 and Rs 4000 respectively.
No other savings I do currently monthly. But I’m thinking to increase it at least to save tax on 1.5 Lakhs and also make other savings (23K in PF already gets deducted from salary).
Kindly suggest can I increase investments as 5000 in each of above funds or you would like to suggest something else.
After investing 10000 in funds(that would make my tax savings to 1.2 Lakhs + 23k = 1.5Lakhs) I want to invest 7-8 K somewhere as sure shot savings without risk, where should I invest rest of the money also.
Thanks in advance.
Besides Tax saving, may I know your other investment goals (financial goals) and Time-horizon??
Are you married and have dependents?
Suggest you to kindly go through below articles;
I am married and planning for child after 3 years. After 3-4 years I would need to change my car also.
So my financial goals would be child and his education mainly. Apart from that if you can help me what other things a normal person need in life.
My sister’s marriage is after 2 years so I need to contribute there also.
I have a flat but I will be selling it and planning to buy bigger flat on the other hand I’m planning to live in rented house for whole life as buying a house is too costly in Gurgaon.
Other important goal is – Retirement Planning.
Do you have adequate life insurance cover? And health insurance cover?
You may continue with your savings/investments in EPF/PPF and existing ELSS MF Schemes.
If you would like to save some money in safe avenues then consider Bank RDs/FDs.
Suggest you to kindly go through below articles and revert to me with more queries (if any);
Its little complex for me to understand where I should invest. Is it good if I invest 10K in mutual fund (5K each in above mutual fund) and 5K in safe haven every month?
If you are not confident of selecting right investments for you by yourself, suggest you to employ a fee-only financial planner.
Kindly read :