How much saving 50% of my income comes to?
I make 109607 every month if I have to save 50% it will be 54804. Out of which 5040 goes to PF and 3288 to spp directly from pay check so I will have to save 46476. Out of which 5k goes to tax shield and rest 41476 should be invested.
If I can automate 46476 I will surely reap rewards after. With decent emergency fund and good PF holding I should move all my money in index funds.
The other half 54803, taxes and cab costs 13765 and left with 41038 to spend.
I do get 5k from rental income but can not take that into account but will throw money in emergency fund as I have elderly mother and a property to maintain.
I know I have not touched 50% saving for last three months and goal is ambitious I should go ahead and automate the finances. Will fetch money from mom's account if I can not afford care or expenses go above 41k budget limit. Will see how long I can survive.
August: I should have 41038 in my savings account after I cleared my investments. The money I have to take out from mom's account is 41038 - Actual balance.
I make 109607 every month if I have to save 50% it will be 54804. Out of which 5040 goes to PF and 3288 to spp directly from pay check so I will have to save 46476. Out of which 5k goes to tax shield and rest 41476 should be invested.
If I can automate 46476 I will surely reap rewards after. With decent emergency fund and good PF holding I should move all my money in index funds.
The other half 54803, taxes and cab costs 13765 and left with 41038 to spend.
I do get 5k from rental income but can not take that into account but will throw money in emergency fund as I have elderly mother and a property to maintain.
I know I have not touched 50% saving for last three months and goal is ambitious I should go ahead and automate the finances. Will fetch money from mom's account if I can not afford care or expenses go above 41k budget limit. Will see how long I can survive.
August: I should have 41038 in my savings account after I cleared my investments. The money I have to take out from mom's account is 41038 - Actual balance.
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