my salary is 5000/month at present and i am working in indore .tell me how i can invest in mutual funds.there are so many types of funds how we can select best one for us give some idea for this.
My salary is 7000/- per month, amoung the total 3000/- is used for my monthly expenditure, how can i save my remaining amount,Please i would request u to give me advice
RE:How can i save money
by Sashikumar N.C. on Nov 24, 2006 12:22 PM
Hi Srimanth, I am not an financial advisor, but I was too in similar situation earlier. I followed up this method to make my financials to have a more comformtable living:
Earnings Pecentage Plan 5% Keep in current A/C or Sb for Liquid money 10% invest in gold
10% Invest in Insurance
10% Long Term investment (Term deposits for 5 yrs/10 yrs- Like Post Office Monthly Income Scheme (6yrs)/PPF (15 years))
15% Systemetic Investment Plans
50 % Invest in mutual funds
I think, within 8-10 years, you will become a millionair, if you could folow this scheme.
I may not be the right person to advice however I would suggest you to somehow manage your expenses in Rs 3500 and save Rs 500 every month using systematic investment plan in a equity based open ended mutual fund. It might sound a little tough to do but believe me, after a few months, you will really treasure whatever you would have saved.
