Financial planning for salaried employee is not just a driven process, it is actually a basic need for every individual and his/her family. It is a complete cycle starting from monthly budget to retirement planning. The process comprises Budgeting, Insurance, Goal-Based Investments, Getting out of Debt, and Retirement.
In respect to this, how can a salaried person save money?
Here are 10 ways you can transform from a spender to a saver.
- 1) Get A Health Insurance Policy.
- 2) Transportation.
- 3) Telephone bill.
- 4) Smart online shopping.
- 5) Prudent grocery shopping.
- 6) Reduce your entertainment expenses.
- 7) Cut down on energy bills.
- 8) Save Money on Food.
- Invest in Fixed Deposits. …
- Invest in Recurring Deposits. …
- Invest in Systematic Investment Plan (SIP) …
- Invest in Public Provident Fund (PPF) …
- Invest in National Pension Scheme (NPS) …
- Invest in Gold.
Keeping this in consideration, where should I invest money to get good returns?
For those looking to get higher returns on their savings, here’s a list of the best investment options for you to make your wealth grow.
- Saving Account.
- Liquid Funds.
- Short-Term & Ultra Short-Term Funds.
- Equity Linked Saving Schemes (ELSS)
- Fixed Deposit.
- Fixed Maturity Plans.
- Treasury Bills.
- Gold.
What is the 70 20 10 Rule money?
Both 70–20–10 and 50-30-20 are elementary percentage breakdowns for spending, saving, and sharing money. Using the 70–20–10 rule, every month a person would spend only 70% of the money they earn, save 20%, and then they would donate 10%.
What can I do with 30k salary?
Here’s how earning Rs 30,000 monthly can still help you to buy your first home
- Recurring deposits (RD) 1/4. …
- Equity Linked Savings Scheme (ELSS) 2/4. …
- Multi-cap mutual funds. 3/4. …
- Financing options available.
Is 30k a good salary in India?
It all depend on your money management but ideally if you are living in metro like Mumbai 50 – 60k is ideal and in rural areas areas even 20 – 30k is fine but as said again it depends on your money management.