Hi fishes, my salary is 70k/month. Bachelor, yoe-1.5. Want suggestions on how I should spend it and on what. Please let me know what you did right or wrong with your initial salary!

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Invest in stocks or mutual funds. I did mistake in initial days by wasting money on mobiles,cloths and useless things even though salary is low.
And big mistake I did is lend money to friends who never return. Financial loss + peace of mind damage.

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Live frugually..save and save ..don't marry..renounce world and retire after 10 years

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Hahaha best advice

Bought expensive clothes for myself. Now when I look back, it's all waste.
Get in touch with a financial planner so that he can advise on where, how, when to invest

1. Emergency Fund atleast 1 Year (Your monthly expenses * 12), increase it as your salary and expenses increases.

2. Get a Life Term Insurance (earlier you start, less the premium)

3. Get a Health Insurance (minium 5 lacks)

4. Consult a CA and start SIP in mutual funds.

5. Don't get things on EMI, except a house.

5. After all this safety, Set a budget for enjoyment from remaining money (Enjoy Treat yourself, make yourself happy, you deserve it).

Invest in mutual funds.

With my initial salary, the things I did right:
1. Saved 20-30% of inhand every month
2. Didn't spend more than I can repay every month.
3. Used apps like ETMoney and INDMoney to track my spends.
What I did wrong was that I didn't invest the saved money into any assets like MF, Stock, bonds etc. I started doing it almost 1.5 years after I received my first salary.
My suggestion would be to first get a credit card and make every possible spends using that, as debt spending is better than spending your own money (only caution to be taken is spend as much as you can repay in the next cycle). Other than that follow this simple rule: Spend max 60% of your salary within the month, save 20% in your bank account and start an SIP in a good MF with the rest 20%.
Share your thoughts on this!
Thanks

I agree with it. Managing a credit card can be a tricky business. However if one is able to control their spends within the limit, it's a great option as it helps build your credit score and also you get an immense coverage in case fraudulent transactions

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My salary is not even 20k/month. Thanks for hurting my feelings. 🙂

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