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How should the salary (Rs. 25-30K) be spent wisely?

Question asked by Karshil Sheth in #Coffee Room #Do It Yourself on Feb 11, 2020
Karshil Sheth
Karshil Sheth · Feb 11, 2020
Rank C2 - EXPERT

I am fresher graduate and I wanted to know how to spend money in very effective way if my salary is in the range of 25-30K. How can I save more and invest in something inorder to have a good return. 

I am confused and I don't know as an engineer what are the good ways to save money?

Posted in: #Coffee Room #Do It Yourself
Kaustubh Katdare
Kaustubh Katdare · Feb 12, 2020
Rank A1 - PRO

Well, depending upon the city and your mandatory expenses - my recommendation is to start SIP (Systematic Investment Plan). If you can, investing Rs. 5000 per month in SIP should be the goal. If required, cut down on other expenses (hoteling, movies) if you can. 

The key here is the power of compounding. When you are invested into growth funds, you can expect really good returns in the next 5-10 years when you'll want to make big purchases (car, house down payment) etc. 

Keep your FD investment to lowest; it doesn't really help your money grow. 

Swarup Pan
Swarup Pan · Feb 13, 2020
Rank C2 - EXPERT

This is the most common problem almost every freshers face who are from middle or lower class background.

I'll share how I faced this problem as a fresher and my own way of dealing with it.

At first I started writing down daily expenses at the end of the day just before bed and add every single ruppe you spend.

Then at the very moment when you get the salary credited transfer some amount of money it can be 1k or 2k or 3k to a different account. You can not touch this account at any cost. Just transfer the money and forget that you have this account.

Transfer some money to your parents it would be a good gesture and also a saving.


bill yorke
bill yorke · Feb 13, 2020
Rank C2 - EXPERT

It relies upon numerous things. Regardless of whether you are in private sector or govt sector, living in community or large city, have a family or are single or have some other wards. 

On the off chance that I were acquiring Rs 30000, I were living in the spot I am at the present time, a community, and I were single, I would do this: 

In the first place, distribute half of my pay to three or four distinct investment funds instruments. 

At that point, work out the essential least necessity for meeting my everyday costs, lease, travel to work and so forth. It attempts to about Rs 5000 to Rs 8000 in my place. 

Presently, I have about Rs 7000 to 10000 in my grasp. This will get broadened into purchasing material belongings, eg. another cell phone, PC, garments and so forth, little fluid reserve funds which I can go to if there should arise an occurrence of little crises, ventures, good cause, blessings and other social events, and once in a while having a ball. 

Presently, on the off chance that you live in a major city, you will require cash to pay lease and travel. You may need to eliminate some other part, most presumably the long haul reserve funds. Same goes for the circumstance on the off chance that you have a family. Also, in the event that you have a family or will have in not so distant future, and you live in a major city, you will be simply satisfying the fundamental needs with this sum.

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