Not sure how to spend the money that i make
I grew up in a family which used to be just above poverty line. My mom had worked a lot to provide making 7K a month. I now have a job that pays 15lpa. Other than good food on table I'm not sure what i should do with the money. I save everything left after removing house expenses Which is 75% of my income. I know saving is good but i don't want endup saving a huge pile and dying without using any of it.i want to exprfi6good things. How did you guys spend when you tried to raise from almost poor to a decent standard of living
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Similar background, always dreamt of a decent gaming pc or console. First thing i did after setting up sip was buying ps4.
Travel, travelling is expensive but the experiences you have a worth it.
Spend on parents, buy em phones, clothes or sponsor there religious trips.
Charity, dont forget your roots.
Definitely dont become a horder, but dont go ballistic as well.
Also well done for beating the system.
Cheers
+1 similar background
Also, @CaptainLazzo some basic comfort blindspots are: Good quality shoes that are comfortable, for mom and you. A wardrobe upgrade changes your mindset. A good memory foam/latex bed + pillows AC Maybe get a maid Buy kitchen and home equipment that comforts your mom - hand mixer, vegetable chopper, good quality knives, easy access drawers, etc
Also, start investing, don't just save.
I try to do everything I can to keep my mom comfortable, it's the least I can do
Also invest in yourself - health, appearance, knowledge.
Buy 1BHK in Mumbai.. Take out a loan. It will bring back your childhood memories of not having enough. Good luck đ
You may not like what's coming but if you follow this I bet you'll never regret.
Let's assume you are younger than 30,
Distribute your savings like this: Equity/Mutual Funds: 50% F.D./Debt: 20% Emergency Fund: 20% Fun Fund: 10%
Keep a margin of +/- 5% and do not go beyond that margin. I'll suggest you to go for growth mutual funds and not dividend, you'll thank me one day. Do not spend the dividends that you get from stocks, reinvest them.
Now what not to do.
- Do not get any of these things on EMI until you have atleast 50% cash in terms of Fun Fund: a. iPhone/High End Phone b. Car c. International Trip
You can use Debt/FD cash for buying jewellery for your mother as she invested her life in you.
Last suggestion: If you are not interested in any of the investment vehicle like Stocks and FDs, save that portion under Emergency Fund straight. No this, that, no PS or XBox. I have taken a very big assumption that you have taken care of insurance, if you not go for term and health insurance first.
Hi, I want to invest in mutual funds, equity. I don't have any knowledge about this and I've been too lazy to learn more about this and missing out in investing.
If I were to invest some fund for, say 5 years without thinking much, where should I start it from?
Which platform to invest in? I've account on Zerodha. What things to invest on?
TIA
Donât think too much other than putting some of it as investment. Make SIP. Rest youâre doing well
On which platform to start the SIP and how? I've Zerodha account.
Zerodha must offer a way too. I use Groww. Just put SIP in index fund
I was in a similar boat, when I started to earn enough to save, most of my interests (read bucketlist as a kid) kind of faded away :/ .
It may sound punitive but try to improve food nutrition quantity on your family's plate which you have already mentioned.
Buy supreme quality mattresses and good shoes. Worth every penny.
Take your family to body and dental checkup every 6 month.
Basically secure the health in whatever way you can.
I like pastries, therefore learning how to bake them now.
You can try getting a musical instrument maybe, or swimming classes or maybe some other outdoor activities.
Point is don't just save ALL the money and waiting for it to multiply, use a small portion of it consciously to experience new things before the kid in you also becomes a monotonous adult.
Spend on investment. Save rest for rainy days.
who is asking you to die without using all the money. you might just die in the next hour who knows? do you have 'a huge pile' right now?? Adversities may come anytime. All of that peanut savings will go in seconds. continue saving until you have a huge pile. say 5 crore. -> no regrets in dying without using it. you were creating your safe net. <- small celebrations are fine. don't aspire the dumb rich class life to start living yoga, vegan, travel and cars for societal status life.
Bro how to save money?
Thatâs what i am thinking from years.. the more money i make the more spendđ
Raval Navikant
Help those who've helped you in your hard times, Travel ( a lot)
Change in Lower middle class/ middle class mentality to Upper middle class mentality takes a while even if you keep growing your i come... So natural to feel this way...