A part from the idea of savings, it is important to clarify your pursuits where your money is going to be stashed. If you and your spouse are working members in your family, it is important that apart from yours and your spouse’s salary account, maintain a third account wherein you can credit your monthly expenses.
Doing so, it will help you realize your savings target as there will be a conscious effort to maintain a good balance at the end of the month in all these 3 accounts.
f you have a Provident Fund, do not transfer your funds out from that account, as it has a lot of benefits. It is not simply that analysts tell that PFs are a gift from the government. It has 3 main benefits :
1. It is a guarenteed zero-risk product.
2. Your employer’s contribution is tax-free and you are on to an EEE-Exempt exempt and exempt.
3. Although it takes away about 24% of your income, it is one of the fabulous investment avenue as it guarantees better and higher returns in the future.
Starting investments young, gives you the advantage of getting exposed to equities. There is a great belief that the markets will be performing good for a good deal in the future. Investing a major portion of your savings into equities is going to guarantee you high returns in future. So if you have any FDs, transfer those funds to MFs.
So, if you do not want to trouble your late married life by getting into long term loan tenures’ EMI payments, as in home loan etc., be wise and start saving about 20-25% of your salary in order to enjoy guaranteed huge benefits later.