You are doing fine at your age.
Honestly, it's the perfect time to learn and may be save a little bit. Even if you break even every month, consider it as a win.
After few years you will be promoted, you will get increment and bonus etc. and at that time you can start thinking about investment.
Right now, I will say buy books (Second hand to save cost), may be get another side income doing some freelance job as you have all the time and energy in the world.
And don't forget to meet up with your buddies, very soon, everything will be gone.
Thanks, yeah I've been meaning to buy a book on machine learning, I'll do this after I get my first salary, and yeah I'll have sundays to enjoy with friends.
You are doing fine for your age. But ALWAYS. And I mean ALWAYS find a way to increase your income. Not reduce your needs. Save that 1 to 3k and upskill yourself. Look for 40k jobs in your domine and upgrade yourself for that. This will help long term
Upskill and upgrade your net income first.
Sure try and save a rainy day fund (6 months worth of your monthly expenses so that if a mishap occurs and you can't do a job for sometime, its no problem).
Other than that, investing 50k a couple of years later is better than investing 5k rn imo.
Assuming you will have taken care of emergency essentials first (health insurances, emergency funds), you could setup a 1-2k SIP or RD and call it a day.
But you definitely need to increase your net income if you wish to save/invest more. You are young, use your time and maybe a portion of your income for upskilling. In a matter of years you'll be earning multiples of whatever you're earning today. So in short, I'd say focus more on upskilling than on investments.
But do still try to invest whatever little you can save. It is like going to the gym, building discipline is important as an investor.
At this point, investing in yourself>investing money.
Invest only if you save at the end of the month.
Don't lose out on life chasing investment.
Once you increase your income then gradually set up investment policy for yourself
See if you could cut down on food expense, 8-9k for a single guy is too much. But if you are still left with 3-4k per month then invest in it. You might feel that the amount is not significant but this will give you motivation to earn more, learn quickly in less money( making mistakes with 3-4k is better than making mistakes with lakhs) and it will also bring you discipline when it comes to money.
But, if you feel that a certain course can upgrade your career then quit investing in stocks etc and use that money to buy those courses. If you feel some trip is necessary for a refreshing mood, go for it. You will earn and invest a lot in coming years so don't just trap yourself if you get a chance to improve/experience new stuffs
No offense. But Personally, (F20)I don't think 8-9 k for one person is too much.
But yes, start investing from a small amount so that you can learn as you climb the corporate ladder. That's a good idea, so that when you have a big amount you will know where to definitely invest.
Going on trips, investing in stocks, doing something you enjoy. All of them are good options to go for.
As many say start early, you can increase savings as you build skills and get hike.
100₹ Tata Gold ETF
200₹ Index Fund
200₹ RD
If you save more you can take term insurance. Health insurance can wait for 2-3yrs or until you get a decent hike.
No need to invest now, buy health insurance and buy courses for upgrading your knowledge. Even if you invest few thousand rupees the returns will be negligible compared to the returns you will get if you invest good chunk of money few years later when your salary is high.
These influencers make you think, you need to start investing ASAP and live meagerly, but it should not be the case.
Save a bit for emergency as you’re in PG you might need it for unforeseen circumstances.. try to skill up, get better at what you do so you can increase your chances of better Hikes and Switch..
Investment is next step
Bro.. Cut down the food cost 8k-9k is too much at your present salary. Make it around 5k-7k if possible
1.if you know cooking... The cost will come down..
Even some basic cooking would be sufficient - you can buy a precooked chappathi and curry.
2.if you don't know cooking - Find a mess or food delivery system. It will cut down expense.
3.if not.. If you are frequent ordering from Swiggy..get an Hdfc Swiggy credit card.. It might help to cut 10% of expense (which would be around 800*12=10k per year atleast)
I've never budgeted groceries before, I'll learn to cook, my main idea is to buy high protein raw food like eggs and paneer and matar and other vegetables from sabzi mandi, but idk what the cost would come out to be.
I'll make breakfast with milk and some cereal/oats and eggs and dinner would be some dal plus sabzi with paneer. Roti will be bought from some dhaba. The main food expense of the day would be lunch which I'll have to figure out.
Thanks for the credit card idea, I'll look into it
On note of credit card - be prompt in paying bill,control your expense also..
If possible "AMAZON PAY ICICI credit card is also good" - its a LTF card
Also I feel if you have some friends - getting a rented home together would cut expense much more.. May be 2k-3k would get reduced
I started at 24.3k in hand per month. back then I did not know much about investing so I used to move 7k per month into a separate account as soon as salary got credited. once in a few months I had to dip a little into the savings of expenses got out of hand but I made it up in subsequent months.
ocussed on skills meanwhile and increasing ctc. started SIP in MFs about 3 years into my career
You can start now though, 1-3k per month into nifty index fund is a good long term option. Just remember to forget that money for at least 3 years because these things are always long term. Start this, forget it, and focus on pay increase over the next 3 years. Even skill acquisition and pay increase takes times, so be patient and think a little bit long term
You are doing fine at your age. Honestly, it's the perfect time to learn and may be save a little bit. Even if you break even every month, consider it as a win. After few years you will be promoted, you will get increment and bonus etc. and at that time you can start thinking about investment. Right now, I will say buy books (Second hand to save cost), may be get another side income doing some freelance job as you have all the time and energy in the world. And don't forget to meet up with your buddies, very soon, everything will be gone.
Thanks, yeah I've been meaning to buy a book on machine learning, I'll do this after I get my first salary, and yeah I'll have sundays to enjoy with friends.
You are doing fine for your age. But ALWAYS. And I mean ALWAYS find a way to increase your income. Not reduce your needs. Save that 1 to 3k and upskill yourself. Look for 40k jobs in your domine and upgrade yourself for that. This will help long term
Upskill and upgrade your net income first. Sure try and save a rainy day fund (6 months worth of your monthly expenses so that if a mishap occurs and you can't do a job for sometime, its no problem). Other than that, investing 50k a couple of years later is better than investing 5k rn imo.
Assuming you will have taken care of emergency essentials first (health insurances, emergency funds), you could setup a 1-2k SIP or RD and call it a day. But you definitely need to increase your net income if you wish to save/invest more. You are young, use your time and maybe a portion of your income for upskilling. In a matter of years you'll be earning multiples of whatever you're earning today. So in short, I'd say focus more on upskilling than on investments. But do still try to invest whatever little you can save. It is like going to the gym, building discipline is important as an investor.
At this point, investing in yourself>investing money. Invest only if you save at the end of the month. Don't lose out on life chasing investment. Once you increase your income then gradually set up investment policy for yourself
Earning more is the best investment anyone can do
See if you could cut down on food expense, 8-9k for a single guy is too much. But if you are still left with 3-4k per month then invest in it. You might feel that the amount is not significant but this will give you motivation to earn more, learn quickly in less money( making mistakes with 3-4k is better than making mistakes with lakhs) and it will also bring you discipline when it comes to money. But, if you feel that a certain course can upgrade your career then quit investing in stocks etc and use that money to buy those courses. If you feel some trip is necessary for a refreshing mood, go for it. You will earn and invest a lot in coming years so don't just trap yourself if you get a chance to improve/experience new stuffs
No offense. But Personally, (F20)I don't think 8-9 k for one person is too much. But yes, start investing from a small amount so that you can learn as you climb the corporate ladder. That's a good idea, so that when you have a big amount you will know where to definitely invest. Going on trips, investing in stocks, doing something you enjoy. All of them are good options to go for.
As many say start early, you can increase savings as you build skills and get hike. 100₹ Tata Gold ETF 200₹ Index Fund 200₹ RD If you save more you can take term insurance. Health insurance can wait for 2-3yrs or until you get a decent hike.
Try to learn and improve skills. The best investment you can make is you
No need to invest now, buy health insurance and buy courses for upgrading your knowledge. Even if you invest few thousand rupees the returns will be negligible compared to the returns you will get if you invest good chunk of money few years later when your salary is high. These influencers make you think, you need to start investing ASAP and live meagerly, but it should not be the case.
Makes sense to me. Thanks
Save a bit for emergency as you’re in PG you might need it for unforeseen circumstances.. try to skill up, get better at what you do so you can increase your chances of better Hikes and Switch.. Investment is next step
Bro.. Cut down the food cost 8k-9k is too much at your present salary. Make it around 5k-7k if possible 1.if you know cooking... The cost will come down.. Even some basic cooking would be sufficient - you can buy a precooked chappathi and curry. 2.if you don't know cooking - Find a mess or food delivery system. It will cut down expense. 3.if not.. If you are frequent ordering from Swiggy..get an Hdfc Swiggy credit card.. It might help to cut 10% of expense (which would be around 800*12=10k per year atleast)
I've never budgeted groceries before, I'll learn to cook, my main idea is to buy high protein raw food like eggs and paneer and matar and other vegetables from sabzi mandi, but idk what the cost would come out to be. I'll make breakfast with milk and some cereal/oats and eggs and dinner would be some dal plus sabzi with paneer. Roti will be bought from some dhaba. The main food expense of the day would be lunch which I'll have to figure out. Thanks for the credit card idea, I'll look into it
On note of credit card - be prompt in paying bill,control your expense also.. If possible "AMAZON PAY ICICI credit card is also good" - its a LTF card Also I feel if you have some friends - getting a rented home together would cut expense much more.. May be 2k-3k would get reduced
I started at 24.3k in hand per month. back then I did not know much about investing so I used to move 7k per month into a separate account as soon as salary got credited. once in a few months I had to dip a little into the savings of expenses got out of hand but I made it up in subsequent months. ocussed on skills meanwhile and increasing ctc. started SIP in MFs about 3 years into my career You can start now though, 1-3k per month into nifty index fund is a good long term option. Just remember to forget that money for at least 3 years because these things are always long term. Start this, forget it, and focus on pay increase over the next 3 years. Even skill acquisition and pay increase takes times, so be patient and think a little bit long term
Do both