I want to make 15 lacks by the June 2026.. currently I got a job salary is 32800..Do you make a financial plan for that..I have a recurring deposit which will be matured next March rs around 3 lac.. please help me
Ans: You want to accumulate Rs 15 lakh by June 2026. You have a current salary of Rs 32,800 and a recurring deposit that will mature in March next year with Rs 3 lakh. With focused planning, you can achieve this goal.
Assessing Your Current Financial Situation
Let’s start by understanding where you are right now.
Salary: Your monthly income is Rs 32,800. It’s crucial to manage your salary effectively to maximize savings and investments.
Recurring Deposit: This will give you Rs 3 lakh by March 2024. This can be a key contributor towards your Rs 15 lakh target.
Monthly Savings and Budgeting
First, you need to determine how much you can save each month.
Fixed Expenses: Deduct your necessary monthly expenses (like rent, utilities, food) from your salary.
Savings Potential: Aim to save at least 20-30% of your monthly income. This should be around Rs 6,000 to Rs 10,000 monthly.
Investing Your Recurring Deposit
Once your recurring deposit matures in March 2024, you’ll have Rs 3 lakh to invest.
Debt Funds: Consider placing this amount in debt funds for stability and modest returns. These funds are safer and can help preserve your capital.
Balanced Funds: Another option is balanced funds, which offer a mix of equity and debt. They can provide better returns than debt funds with moderate risk.
Systematic Investment Plan (SIP)
You can use a SIP to invest your monthly savings systematically. This will help you accumulate wealth over time.
Equity Mutual Funds: For a goal that’s five years away, equity mutual funds can be an option. They offer potential for higher returns, but with some risk.
Balanced Funds SIP: Alternatively, you can start a SIP in balanced funds, combining the stability of debt with the growth potential of equity.
Additional Income Sources
Explore opportunities to increase your income. Additional income can accelerate your savings and investments.
Part-Time Work: Consider part-time work or freelancing. This additional income can be entirely directed towards your investment goals.
Skill Enhancement: Upskilling can lead to better job opportunities or promotions, thus increasing your income.
Risk Management
Protect your progress by managing financial risks.
Health Insurance: Ensure you have adequate health insurance. Unexpected medical expenses can derail your savings.
Emergency Fund: Maintain an emergency fund equal to 6-12 months of your expenses. Keep this fund separate from your investments.
Reviewing Your Progress
Regularly reviewing your financial plan is essential. This helps ensure you’re on track to reach your Rs 15 lakh goal by June 2026.
Annual Review: Review your savings and investment strategy annually. Adjust your investments if necessary to stay on track.
Reinvesting Gains: If your investments perform well, consider reinvesting gains to accelerate growth.
Final Insights
Achieving Rs 15 lakh by June 2026 is possible with disciplined savings and strategic investments. Your recurring deposit, along with systematic monthly savings and investments, will be key.
Invest Wisely: Use your Rs 3 lakh recurring deposit wisely. Balanced and debt funds are safer options for your short-term goal.
Regular SIPs: Start a SIP with your monthly savings. This will help you steadily build towards your target.
Monitor Progress: Keep track of your investments and make adjustments as needed. Consistent effort will help you reach your goal.
Best Regards,
K. Ramalingam, MBA, CFP
Chief Financial Planner
www.holisticinvestment.in
