Hi I am 23 , I have salary around 1LPM after tax, I paid 15k in rent, but every month end I left with very less money like 10-20k, I have very fucked up finances, I don't have any investment.

Every month I left with very less money.
I read book about spending , tried to maintain a ledger in excel, but nothing seems to working, I think I got lot money than I can handle so I am blowing that up. So just wanna know how much you spend invest and save.
I don't have to send any money home.

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Go for mutual funds. Go to funds india website. Read about the top funds in every type, and invest in a couple of them, 10K per fund. The amount automatically gets deducted on the date you’ve chosen. You can keep increasing this amount to the one you’re most comfortable with leaving a little cash for yourself at the end of every month.

I’d suggest to start with 20%. As someone said here, if you save 50%, then your finances will be way way better in 5 years.

I'll try to give you a suggestion based on your lifestyle.

Income - 1Lakh per month.
Rent - 15,000
Remaining - 85000.

Try opening a PPF account or a Recurring Deposit.

PPF/ RD - 15,000 (atleast/basic)
Shoes - 4000 (try to keep this low/nil)
Clothes - 5000 (max)
House exp - 7000
Gambling - 12000 (personally not
recommended. Don't gamble)
Weekends - 10000p.m (try to reduce)
Random / - 5000
Miscellaneous

Total expenses - 58,000. Round figure- 60000.

You are left with 85000-60000 = 25000.

25000 is a hell lot of money. If you stop spending on shoes, weekends and gambling every month you will be left with even more.(apprx. 40,000 pm).

Try to invest more money since you don't have any savings.

It's all about perspective. You got to have some financial maturity by this time.

If you save now, you can enjoy later. If you enjoy now, you won't be left with anything to enjoy.

You've got enough money to invest at this age. People are struggling to earn what you are earning. Some are managing with salary 30k per month.

Try to educate your friends as well (if possible). Else, be careful.


Note - The above breakup is as per author's lifestyle and not applicable for everyone.


PS:- You might think...saying is easy, doing is difficult. I'm also 23-24yo., earning somewhat similar to yours and doing what I suggested.

likeuplifting

RD options please

Recent IconRecent

Russian mangate ho kya?

funny

23 ka hai ye harsh gujral ke chakkar me mat padvao abhi se

I’m 23 with 1.25L inhand and saving 80-90k alongwith investing 10-15k per month. It depends on how you handle your emotions with money.

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author, till october i’ve wfh

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This is my opinion whatever u earn 50 percent save and 50 percent save. Dont ask how to do that , u only need to figure it out

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Hi I am curious to know your skill set at age of 23 with 1LPM . Please tell Your skill I am looking to change my skill set for better salary. Maybe your reply will help me !!!

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He is saying that he is not able to save and people are fiving gyan on investments.

Bhai, tell me what are your big expenses, which arent allowing you to save

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So, bro, its your companions which are worsening the situation.

Hence you need to discuss with them as well.

One of the basic mistakes we make is by thinking that the money flow will continue for ever.

Expenses only go up and up and up.

As a single, build a good corpus of portfolio thru savings Asap.

I wish someone had told this to me a bit earlier.

You mentioned gambling, get rid of it asap. Trust me you can't control it, at one point you will lose and will endup with debts.

Coming to taking a control of expenses. Think in this way, you are earning only 50k and use them only. Remaining 50k make fixed deposit for 1 month. End of the month you have this 50( if not used any in between) and next salary's 50(remaining). Now add that 1lakh in fixed deposit. Keep doing this for couple of months. Till you realise how much amount is necessary to maintain without wasting unnecessarily. Then plan on investment with remaining money from then.

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Hey man, you’re amazing. RD options please?

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okay

Join a RD in a good bank .. it can help you on a good investment side.
Control the things you buy online, including food.

🫣

Bhai best option is send atleast 25% salary to your parents, they will definetely know where to invest and in this way you can increase your savings

You are a spendthrift bro. Out of one lakh you expenses are 80k. I suggest you to cut down lavishness. It’s too early to live luxury. Start doing Recuriing Deposits. If it doesn’t interest you, invest in real estate. Invest on land. Take a loan. Invest in small amounts. You will see your investment grown by the time you are 30. It may help you grow your money.

How much your earn per month

Bc tumse zyada ameer toh 60k kama ke, har month 25k save karne wala insan hai😂

I don't earn as much as you but I faced the same problem. I opened a new savings account in a bank without opting net banking or debit card. I transfer money that I want to save in that account as soon as I get my salary.

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