How can save for my various future goals

You can invest in mutual funds through monthly SIP schemes. Let us now see how much you need to save every month in order to reach your various goals?

1. Rs 10 to 15 Lakhs after 5 years - You need to save Rs 11,700 per month or Rs 17,600 for creating a corpus of Rs 10 Lakhs or 15 Lakhs respectively assuming 12% annual returns.

2. Rs 1 Crore for child education after 17 years - You need to save Rs 15,200 per month for 17 years assuming 12% annual returns.

3. Rs 3 Crores for retirement after 20 years - You need to save Rs 31,000 per month for 20 years assuming 12% annual returns.

As you can clearly see that the monthly amount needed to save for meeting the above 3 goals is much more than your current monthly earnings. Therefore, your focus should be to enhance your current monthly earning in order to achieve all the above goals. However, you can make a beginning now by starting to save whatever amount remains surplus after meeting your monthly expenses.

Wishing you great investing success! Thanks for writing to Advisorkhoj!!