The younger you inculcate the habit of saving and investing, the sooner you can improve your life. Even if you earn 15 thousand rupees monthly, you can add 25 to 30 lakh rupees.
If you want to secure your future, then you should make a habit of investing because a good amount can be added for the future only through better investment. According to experts, every person should get into the habit of savings and investment along with his first salary. In the matter of investment, many people argue that how can money be saved in a small salary? Regarding this, financial expert Shikha Chaturvedi says that every person should limit his expenditure according to his income. Whether the income is small or big, one must definitely save and invest.
If you feel that your income is less then find a way to increase your income, but do not make an excuse for not being able to save. The younger you inculcate the habit of saving and investing, the sooner you can improve your life. Even if you earn 15 thousand rupees monthly, you can still save at least 3000 rupees every month. Know how?
How to save from Rs 15000
In this matter, Shikha says that there is a simple rule of savings which everyone should follow. In such a situation, every person should withdraw at least half of his salary i.e. 50 percent for the necessary expenses of his house. 30 percent of the money can be withdrawn for other expenses like medical expenses or to fulfill any of your hobbies and 20 percent should be saved and invested. Even if you earn Rs 15,000, you can withdraw Rs 7,500 for essential household expenses and Rs 4,500 for other additional expenses. In this way, you can spend 12 thousand rupees per month according to your needs. As 20 percent you have to save only Rs.3000. Invest these money at some place from where you can get better profits.
Where to invest
Shikha says that in today’s time there is nothing better than SIP in terms of better returns. In this, you get the benefit of compounding and get an average return of 12%. You can get more than this. All you have to remember is that you invest in SIP for a long time. The longer you invest, the better you will be able to take advantage of compounding.
How to make 25 to 30 lakh rupees
Suppose you invest Rs 3000 every month in SIP for 20 years. In this case, you will invest a total of Rs 7,20,000 in 20 years and according to 12% interest, you will get a profit of Rs 22,77,444. In such a situation, you will get a total of Rs 29,97,444 including principal and interest for 20 years, which is around 30 lakhs. If you do not want to invest even 3000, then you can invest 2500. In this case, you will invest Rs 6,00,000 in 20 years and according to 12 percent compounding interest, you will get Rs 18,97,870 as interest. In this case, including principal and interest, you will get a total of Rs 24,97,870 on maturity, which will be around 25 lakhs. That is, if you make a habit of investing from the age of 22, then you can become the owner of 25 to 30 lakhs at 42 years.
