How can I reach my various financial goals

Let us first know how much you need to save for each of the goals -

1. Rs 7 Lakhs after 5 years for school admission - Monthly savings required is Rs 8,200 for next 5 years based on assumed annual return rate of 12%

2. Rs 29 Lakhs after 17 years for higher education - Monthly savings required is Rs 4,400 for next 17 years based on assumed annual return rate of 12%

3. Retirement corpus after 24 years - Your current monthly expenses is Rs 53,000 (Rs 81,000 - Rs 28,000 home loan EMI) or annual Rs 6.36 Lakhs and you will retire after 24 years. With inflation of 5% your monthly expenses would be Rs around Rs 20.52 Lakhs per annum after 24 years. To have this amount annually you need a corpus of around 3 Crores assuming you can earn 7% return from safe investments.

How much to save to create a corpus of Rs 3 Crores after 24 years - You need to save Rs 19,000 monthly for next 24 years (assumed rate of return 12%).

Your current monthly SIPs is only Rs 6,000 and therefore, it can help you achieve only one goal, i.e. of Rs 29 Lakhs required after 17 years for your daughter's higher education.

As you can see, you need to save aggressively to reach the rest two goals. The earlier you start the better it is.

Hope the above suggestions were useful to you. Thanks for reaching out to Advisorkhoj.