|Author: Mahesh 20 Jun 2016 Member Level: Gold Points : 1 (Rs 1) Voting Score: 0|
You should always invest from the first salary itself. Here is the most generic breakdown of investment.
Bill Payment 25%
Food and expenses 35%
Reserve funds 10%
You should increase some percentage of savings each month. Never ignore savings and put it on for later date. Always keep some amount of money on reserve. Also bills and food and other routine stuff should be taken care of as well. You should get app like Moneyview or the Mint. These apps tell you that where the expenses are being done. You have to log those expenses into the system.
Once you get the momentum into savings you can start saving into :
1. Mutual Funds SIP (start small at first and then increase the amount)
3. Fixed Deposit.
5. Dividend Based Shares.
These are some of the options. Make sure to invest into it moderately in them. That way you can avoid the loss. If you want to invest into the equity be sure to know your risk options. And moderately get into the investment. Keep the debt option open all the time and invest into it as well.
|Author: Kailash Kumar 21 Jun 2016 Member Level: Platinum Points : 2 (Rs 2) Voting Score: 0|
Generally people have a savings account and nowadays mostly the salary is credited directly by the employers in the bank account. However even if the employer is paying through cheque etc. it has to be deposited in a savings bank account only. To begin with a recurring deposit should be opened in the same bank branch and the savings account should be linked to the same for automatic transfer of monthly saving amount to the recurring deposit. Many banks provide flexi accounts/deposits also which provide the advantages and convenience of both the savings bank account and recurring deposit account.
It is best to start saving with the first salary cheque. At least during first year savings should be done by depositing the amount in a recurring deposit without getting in the trap of buying some SIP etc. After one year, the picture is likely to become clear as to whether the individual is able to save on regular basis or not.
|Author: Venkiteswaran. 21 Jun 2016 Member Level: Diamond Points : 3 (Rs 3) Voting Score: 0|
I appreciate your interest and earnest desire to save. Keep this attitude and habit in life. That will help you when in need. It is said that money saved is also money earned.
To be frank there is not need of an age limit to save. Even small children can start saving. They can save from the pocket money or random cash gifts received on special occasions. However to earn salary and then save naturally will be for adults. So you can start saving easily after getting salary from employment.
I would suggest that at the very first month, you need not make a commitment liability for future, even if it is savings. You may need it to present to your parents or family.
Please open a savings bank account(if not opened already). Deposit some money a small fraction of your salary as a token savings in that account and inaugurate your savings.
It may take a few months for you to arrive at your core figure of regular salary and also the essential savings of every month.
Then calculate how much surplus is there every month to save. From that fix an amount which you can keep in a recurring deposit. Open a new recurring deposit(RD) and give standing instructions to the bank to transfer that from your savings account every month to RD.
Let some money accumulate in SB account-say amount needed for two months essential expenses at least. Also you can keep a part of the SB account balance in Flexi deposit, so that you get higher interest and also have the freedom to withdraw when needed.
|Author: KVRR 21 Jun 2016 Member Level: Gold Points : 4 (Rs 4) Voting Score: 0|
There is nothing like age limit to start savings. Once you get a gainful employment, it is the best time to start investing. The investment should be based on the money left over after meeting the family expenditure. It is always better to start with a part of your excess income over your expenditure.
The Provident Fund contribution will be deducted from your salary itself. The first and foremost savings instrument is Life Insurance Policy. After that investment in mutual funds under Systematic Investment Plan is good It has it's own risks but they are lesser compared to shares etc. There are many other savings instruments like Postal Provident Fund which has it's own advantages. National Savings Certificate also merit consideration.
Another one I suggest is not a saving instrument but the most important one is Medical Insurance Policy. This will cover the medical expenditure of your family members and dependent parents. The medical expenditures being very high, it is essential that one should have a Medical Insurance Policy with a reputed firm. The amount paid towards Medical Insurance merits for deduction for the purpose of income tax payment.
After some some service, a person can consider ELSS( Equity Linked Savings Schemes) and investments in share market. Before entering the share market, it is advisable to get sufficient knowledge about how the share market operate, how to analyse the market and pick up the winners.