Currently, a monthly salary of 30,000 rupees is a common starting point for freshers or new employees in sectors like IT, BPO, retail or financial services. Saving money to meet family expenses on this amount of salary may seem impossible to many. However, if proper financial planning is done from the very beginning after getting a job, then it is possible to secure the future. Even if you start investing with a small amount of money, it can become a big sum of money in the long run.
The goal of saving the first 1 lakh rupees on a monthly salary of 30,000 rupees may seem difficult at first. But with proper planning and smart money management, it is possible to reach this goal in just 12 months. If you are very calculating, you can save up to 10,000 to 15,000 rs per month, but realistically, saving 5,000 to 7,000 rs per month is possible for many. This goal can be met by investing in instruments like mutual funds.
Also Read –Digital RTO Facility – Driving License Makes Easier – Read the Details
Scheme to deposit 1 lakh rupees through SIP
| Monthly Investment (₹) | Total Investment (1 Year) | Estimated Return (10%) | Maturity / Total Amount |
|---|---|---|---|
| ₹7,000 | ₹84,000 | ₹4,692 | ₹88,692 |
| ₹10,000 | ₹1,20,000 | ₹6,703 | ₹1,26,703 |
| ₹15,000 | ₹1,80,000 | ₹10,000+ | ₹1,90,000+ |
As can be seen from the above table, it is not possible to meet the target of 1 lakh rupees in 12 months by investing 7,000 rupees per month, as the total savings amount is about 88,692 rupees. But if the investment amount can be increased to 10,000 rupees per month, then at the end of a year you can save 1.26 lakh rupees, which will exceed your target of 1 lakh rupees.
Read More –BLO vs Teacher- Who works harder? Who gets paid more, Read the full comparison.
Expense control and emergency fund
To save 8,000 to 10,000 rupees per month on a salary of 30,000 rupees, strict expense control is required. Here is what you need to do:
Budget creation: Create a specific budget for house rent, food, travel and other expenses.
Emergency fund: It is wise to set aside an amount equivalent to at least 6 months of expenses as an ‘emergency fund’ before starting investments.
The Power of Compounding: With mutual funds yielding an average of 10-12% returns,
even small investments can grow to huge amounts thanks to the magic of compounding.
Disclaimer: Investing in the stock market or mutual funds is always subject to market risk. Please check your financial situation before investing and consult a financial advisor if necessary. This report is for informational purposes only and is not an investment recommendation.