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Any Saving/Investment plans from our IL

Discussion in 'Married Life' started by AnithaAnand18, Sep 1, 2014.

  1. AnithaAnand18

    AnithaAnand18 Bronze IL'ite

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    Hi Ladies,

    We both are working have very good income.But my problem is I am not able to save even little on monthly basis.My mom used to save a lot with her little income and brought up us.when I am thinking, It is amazing how she could do it?
    My other problem is My husband doesn't understand the value of investment and savings which makes us to have difference of opinion leads to arguments.Initially we used to have harsh argument which hurted both of us.But I want to do something on this?How to handle this? Advise from our Experts please
     
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  2. ammulur

    ammulur Platinum IL'ite

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    In the beginning try to save at least 10% of your salaries and gradually increase it.

    The investments options would be: Insurances, SIP, postal RD's, Postal PF one can make few through ECS format too.
     
    1 person likes this.
  3. bulesha

    bulesha Silver IL'ite

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    Glad that there are off the beat topic particularly Savings. As you wrote earlier generation was more on saving but now thing changed, younger X-Y gen are more on spending. Any way nice thought & a must do for all ladies, save some for rainy days.
    Your options, Open a PPF account deposite option Rs 500 to 1.5 lakh/year, any time of the year (April-March), try to deposite in April ( before 5th) it will maximise your wealth. time span is 15 years extendable to 5 year block. It is very safe option.
    Also want to adventure, you can invest in mutual funds (HDFC/ICICI/FT) through SIP (Systmatic Investment Plan) on monthly basis. Invest for long term more that 5 years.
    You can also invest RBI bond/ infrastructure bond. Invest also in Gold Mutual fund. The point is save & don't put all the egg in one basket.
    Happy savings.
     
  4. adinil

    adinil Silver IL'ite

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    hi,
    can you pls eloborate on this Your options, [COLOR=#009900 !important]Open a PPF account[/COLOR] deposite option Rs 500 to 1.5 lakh/year, any time of the year (April-March), try to deposite in April ( before 5th) it will maximise your wealth. time span is 15 years extendable to 5 year block. It is very safe option.

    if i invest 500k monthlyhow it will work etc?
     
  5. nalinidiv

    nalinidiv Platinum IL'ite

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    Hi ,
    Most of tge gents support instant gratification while females delayed gratification dats the reason they dont urge much on saving. Start with an rd as d first step towards saving. As u see d results u wud save more
     
  6. Ooviya

    Ooviya Platinum IL'ite

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    My Suggestion is First start a RD in bank with minimum amount monthly... i think TMB and KVB are best for it...This is small Investment...Next SIP...This is also same as above but it must be for longer period...Last one buy a property whether plot or Flat...Investment is must for Future...Term plan in LIC also best and must one...
     
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  7. JigsSM

    JigsSM Silver IL'ite

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    RD is very good option for small saving yearly.
    You can also save in Mutual funds or ULIP.
     
  8. Shanvy

    Shanvy IL Hall of Fame

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    have you analyzed your income inflow and outflow. you need to sit and work out what is that thing apart from necessities like emi/rent, utilities, groceries, that take away chunks of your income.

    we live in the generation that swipes the card and worries about the repayment later. while your mom would have spent only from what she had saving a few bucks for the rainy day. just think how did she save and where did she save, maybe your answer is very close at home..

    maybe he needs to understand investment and savings are not just rainy day needs but that he needs to understand that on any particular day a safety buffer of atleast 3-6 months of liquid cash to take care of immediate needs in worst scenario is always there.

    how about asking him to read this book that sebi has put up for college students all over after being worried about the poor financial planning in this generation.
    http://www.sebi.gov.in/cms/sebi_data/investors/financial_literacy/College Students.pdf
    not that it is a great book, but something to start from.

    if your husband has had a very comfortable life with no want for anything, and has been in a cushioned life, he is going to be hit hard when he needs money. making him understand in a good way. with no comparisons, no taunts, no hurtful words.

    make saving fun. small goals, maybe you can think of a appliance, a tour or something. though you can afford to get it on ready cash, make it a bet or goal for the two of you that you will do it with the money saved in this year.

    motivation is the key.
    there are lot of savings possiblities.

    insurance is not investment, but is insurance. do not take insurance as a savings route unless that particular policy or product is a saving.

    look at flexi-rd's. most of the banks now allow this rds. say you start with a 500rs rd. you can deposit maximum of 10times of the 500 into that account. suppose in september you have 3000 rs that you will not be needing but is in your salary account. you can transfer it to the flexi -rd . another month you have only 1000/500. so you can earn a interest or 9%- depending on the bank and the product. some banks do not have pre-penalty closure on this.

    ppf is another savings route that is good. my friend has a rd. she saves around 10000/12000k every month. she starts this on the march of a given year.and the rd matures on the february of the next year and she pays the ppf from this. 12000 every month into a ppf account would be 144000 while in her case
    the rd yields around 150668. that is 1.5lacs the present maximum limit/year of ppf.

    a friend whose husband has a very reasonable salary but is taxed by emi for her flat, has rds for school fees, property tax, annual vacation though feels funny from the outside, it has given her a strict discipline, and no using this for that thinking. and she easily pays the school fees, no tension when the school term starts. she has enough for the school fees, books and uniform.

    savings is a discipline driven by your goals..
     
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  9. AnithaAnand18

    AnithaAnand18 Bronze IL'ite

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    Hi Friends,

    Thanks to all of you for given me more solutions
     
  10. MalStrom

    MalStrom IL Hall of Fame

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    Pay yourself first.
    That is, start an automatic savings plan where at least 10-15% of your salary is directly deposited before you see your paycheck. Soon you will not even notice the money that is going to savings. Increase it according to your ability as time goes on.
     
    1 person likes this.

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