I started my journey when i was 22 and after 3 years my expenses and salad both increased
But when i look into it expenses are always around 20% of my salary
But i was never sure where to put this money I kept everything in my salaried account only and now i have 10L+ in my saving accounts
Managing money is HARD, and I feel like I might not be doing it right. Would love to hear from experienced folks—what’s your strategy? 🤔
Here’s my breakdown: 💰 20% on expenses ✈️ 10% on trips & wishlist buys (iPhone, bike, etc.) 🤦♂️ 20% in udhaar (I swear I try to say no, but my friends are too convincing!) 📈 8% in SIPs (thank you, ELSS 🙌) 🏦 The rest? Sitting in my savings account... probably not the best move.
It’s being 3 years now but still struggling to manage my money
How do you guys manage your money? Drop your advice below! ⬇️🔥
There is no fixed way or breakup on how you manage example some might have parents expenses or siblings education or some loan taken in past like car bike education or home loan etc
Here is my take
Thanks to my parents they never took loan
Yeah i have two siblings. What i am telling in 20% is including me ,my parents and my siblings expenses
Excluding fees
You are correct fees is another 10%
Right now i reduce expense on personal trips as my bucket list is done
My only worry is udhaar and money which lies in savings account
Now I don’t buy until it’s not critical as i want to build a house for my parents in my hometown which cost around 80L ( 3 years ago that was nearly 50L)
And i really want money for this
Steer clear of ELSS. This buckets under 80C. Eventually your PF aand I surance premiums will take that bucket up. And ELSS will block your money for 3 years.
And hey hey hey. 20% in udhaar and 8% in SIP?? Your friends are being very shady here and you my friend need to clean up your act. Move that 20+8% to 30% SIP!!
Index and Large Cap funds are your best friends for starters.
Why insurance premium ? Company already paying for insurance right ?
30% in SIP - can we liquidate it within a week ?
If you choose to buy any insurance for yourself in future (Read post marriage/self employed). Your salary will increase so at 4-5+ YoE your PF itself will take the bulk of 80C.
MF (Non ELSS) is liquid, yes. Of course.
You are young and learn!
50% should be savings: 20% ELSS, 20% FD/RD, 10% PPF (non breakable)
25% Monthly Expenses
25% Trips/Wishlist
I am 30 and with my current loaning money to friends will never come back, and also you will ultimately lose the friendship of such people.
I use Ind money it's a good app for money overview.
Lastly never put cash/savings in account more 10-15k, if you need in emergency FDs will liquidate in secs
*can learn.
quick typing errors
Thanks a lot this will be helpful But what if i need money can i transfer all money in once that I invested ?
Main point was i has to learn how to say no
Save aggressively, have a second account in other bank and the moment you get your salary credit X amount of money from your salary account to the secondary account.
Agreed thanks
Managing money is not hard.
I make 1.2 lakhs a month and I am able to save 1 lakh every month.
I put 10 in SIP.
Rest 90k I keep in my savings account.
I give money to farmers and contractors in my city.
I have given 10 lakhs and getting 50k interest every month.
I have bought a plot worth of 50 lakhs in Bhopal and the loan is on my father but I pay the EMI of 14k a month and every 3 month I give 3 lakhs in lump sum.
Stay lean and stay in aukaat until you cracked some big idea. That is my goal when it comes to money.
Please check freefincal and you will get all your answers. You will also get to know what else you need to do except investing.
Thanks will check
you can use Curie Money as your savings account- check this GV post out.
https://share.gvine.app/mPUEuFKoNnb2wu84A
cc: @Leroyjude
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