How much should one save and invest?
Savings is the foundation to build your financial goals. Savings will provide you the capital to design your investments. The two basics that ideally need to be followed are:
Define your goals
Here are the potential choices to be considered for savings:
How to make financial planning work for you
|Buy a car
|You intend to buy a new car within a year.
|Down payment for a house
|You would like to move into your new home in another 3-5 years
|Child’s higher education
|Your toddler just started pre-school. Probably at least 15 years later you will need a lump sum amount
|Have a comfortable retirement
|You have just turned 30, you plan to retire at 60. 30 years of prudent saving will take you through