1. Save every month compulsarily - use combination of bank recurring deposits (for saving during the year and transfer to PF etc at end of year) / mutual fund SIP Where to save :-
- Use your sec 80 C limits first - Provident fund/ NSC/ life insurance / ELSS
- long term - 7 yrs plus savings - in equity mutual fund - go to valueresearch.com for top rated funds
- ensure u have 3 monts salary in bank fixed deposits
- debt mutual funds
how much to save :- project your needs (retirement / house down payment/ child education ) and then find the monthly saving required.
2. Buy a house as soon as you can3. Stay within your means - avoid credit card / personal loans for consumption expenditure.
4. Plan for your demise - create a will /ensure you have accounts / nominees
5. Work with a qualified financial planner (preferebly somebody who works for a fee and not commissions) - to ensure all key aspects are taken care of - that you good tax advice - and that you get independent advice