I wish there is some table that can explain the kind of savings a single person can save if he has an yearly income of 3 lakhs. Assuming he leeds a not so very expensive life style
RE:RE:What about singles who earn 2-3 lakhs a year?
by Balvinder Singh on Jul 02, 2007 01:40 PM Permalink
you can get one from many sites like moneycontrol.com, valueresearchonline.com etc. or visit any insurance company site and check for pension funds.
RE:What about singles who earn 2-3 lakhs a year?
by indrakanti satyanarayanarao on Jul 02, 2007 02:01 PM Permalink
I will give few tips only. Draw a plan, wherein you identify the events such as ur marriage after how many years, and how much u may like to spend?, similarly for the house when and how much amount u need, for the car, then for ur retirement etc If u hv dependent parents then, for their medical needs. Convert events into some definite figures. Let us as example, say after 5 years u wish to get married and expenses are likely to be Rs. 5 lakhs. Many websites of mutual fund co., give ready made tables, where in u will know how much u should save monthly, so that it becomes Rs 5 lakhs. Approx growth rate say 15%, then for 5 lakhs in 5 yrs, u need to save 5648 per month [inflation not considered]. Add such monthly figures, then start saving. Another important thing, 60-ur age say 40. multiply with 3 [ur ann inc], ur worth 120 lacs for ur family, so go for insurance for atleast 20 lacs to begin with. like this u approach and need based financial plan will be ready for you. Best of luck.
