I have earned per month 30000 but not to savings anything what to do

Ans: Hello Nitin. Its advisable to save atleast 20-30% of monthly salary. You can consider large & midcap and Flexicap Category.

Ans: I understand your situation and the desire to earn more and save efficiently. Here are some suggestions,

Emergency Fund: Prioritize building an emergency fund of 3-6 months' living expenses for any contingency if required.

Debt Repayment: Focus on paying off your high-interest loan to free up monthly cash flow.

Cut Expenses: Make a budget of income and expenses and then identify the unnecessary expenses which you can avoid and save more.

Start Investing: Find the amount which can be saved and start investing (monthly SIPs) of that surplus amount from your income.

Ans: It's commendable that despite financial obligations and family responsibilities, you're looking to pave a path towards savings and investment. Balancing present needs with future goals can indeed be a tightrope walk.

Firstly, let's look at your expenses. Allocating 80k for family expenses is a significant chunk of your income. While family comes first, there may be areas where you can optimize spending without compromising on essentials.

Given your combined income of 3.2 lacs post-tax, even a small percentage saved can make a difference over time. Start by creating a budget that outlines all your monthly expenses and identifies areas where you can cut back.

For savings and investments, consider starting small with a systematic investment plan (SIP). It allows you to invest a fixed amount regularly in mutual funds. Even a modest monthly SIP can accumulate into a substantial sum over time, thanks to the power of compounding.

Lastly, review your loans and obligations. Are there opportunities to refinance at lower interest rates or consolidate debts? This could free up some funds for savings.

Remember, financial planning is a journey, not a destination. It's okay to start small. The key is consistency and patience. With time, as your income grows and obligations reduce, you'll find it easier to save and invest more. Best of luck on your financial journey!

Ans: You cannot directly control the TDS (Tax Deducted at Source) that your employer deducts from your salary. However, you can certainly minimize your tax liability by claiming various deductions and exemptions offered by the Income Tax department. Here's what you can do:

Submit Investment Proofs: Ensure you submit Form 16C to your employer reflecting your ELSS investment of Rs 1,50,000. This will help them adjust the TDS deducted throughout the financial year.

HRA Exemption: If you are paying rent, claim the House Rent Allowance (HRA) exemption as per your rent agreement. You can claim the least of these:

Actual HRA received
50% of your salary (for metro cities) or 40% (for non-metro cities)
Actual rent paid minus 10% of your salary
Medical Insurance: The premium paid for your medical insurance (Rs 26,550) is deductible under Section 80D. Submit the premium payment receipts to your employer for claiming this deduction.

By claiming these deductions, you can significantly reduce your taxable income, which will in turn minimize your overall tax liability.

Additional Tips:

You can explore other deductions under sections like 80C (children's education fees, etc.) or 80G (charitable donations) if applicable.
Talk to a tax advisor for personalized advice based on your specific circumstances. They can help you optimize your tax deductions and filing strategy.
Remember, proper tax planning can help you save money and make your investments more efficient.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in