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I am 28 years old and my current in-hand salary is ₹91,000. I am paying ₹12,500 for a health insurance policy of ₹20 lakh and ₹8,224 for a term insurance plan of ₹1 crore. I have systematic investment plans (SIPs) in the following funds: ₹1,500 each in L&T Midcap, Axis Long Term Equity and Aditya Birla Sun Life Tax Relief 96; and ₹500 in Nippon India Small Cap. Currently, my mutual fund investments are worth ₹1 lakh. My fixed expenses are ₹50,000 with zero debt. I expect my salary to increase by 10% a year. My annual bonus for the current year in ₹2 lakh, which increases each year by at least 15%. I want to buy a house in 15 years. What goals should I plan for? How much should I be investing each month?
Answer: It is good that you have started to save at the start of your career. The advantage you get at such an age is a disciplined approach along with the benefit of compounding.
A few financial goals are common to most. For example, at your age, it could be marriage expenses and buying a house for yourself. Going forward, it could be your children’s education and retirement. These may seem far-fetched right now but over time you will start planning for the same. To start with, your focus should be investing for the long term, creating a corpus for short-term goals, if any, as well as putting in place a contingency fund.
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