Step 1. Get Health Insurance for yourself and your family. Also, if you have any dependents, get a life insurance term plan i.e. one without any money back (similar to how you insure your car).
Step 2. Save first. Then spend what is left. You should aim to save at least 30-40% of your salary/income. Also build an emergency cash fund enough to cover at least 6 months of living expenses.
Step 3. Goal-based investing: Start investing now for your long term goals like retirement and providing for your child’s education or marriage. Investing in Mutual Funds also lowers your tax-bills.
Wondering how to set, track and achieve your investment goals?
Goalwise is launching it’s goal-based platform soon to help you invest wisely. For this tax saving season, you can save taxes upto Rs.46,350 by investing in Mutual Funds for free at Goalwise!