Hi I am 24 year old, my income is 59000 P.M.
I have following expense P.M
1. Rent 7000
2. Leisure 5000
3. Food 6000
I am already investing in Mutual Fund (8000 P.M)....dont want to invest more in M.F
Now kindly advice me how can I increase my saving and save properly in order to get good returns constantly.
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Plan given by ranjan is really nice., Any financial planner will advice you something like that...
I guess you are investing in Mutual funds systematically (like 8000 PM in SIP).. If yes then good , else please invest in SIP and also in atleast four to five funds which should be Largecap , Multi cap , balanced and mid cap... I will not suggest you to invest in Dept funds considering your age (24 yrs)..
Elss funds is best way to invest if you are ready to invest for long term (min 3 yrs) as they have lock in period...
Learn about stock market in mean time and try to invest when markets go down to 16000 levels as in long run you will get nice returns
And side by side invest in PPF and Bonds to save tax as all other incomes are taxable ,
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