22 F, first job in tech (56,000/M)
I'm a 22F who has just landed my first job in tech, earning ₴56,000 per month. I'm planning to stay in a fairly expensive area in Mumbai. My monthly expenses, including PG rent, maid services, travel, and miscellaneous costs, total ₴30,000. Luckily, I don't have any obligations to send money back home, so I'm looking to make smart financial decisions early on.
I'm pretty much a clean slate when it comes to personal finance, so I would love some advice on the following: Savings and Investments, Emergency Fund, Credit Cards, Long-Term Goals, Budgeting Tips etcetera.
Edit: Posting on behalf of my sister.
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Do it in the following order
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30k * 6 = 180k emergency fund for 6 months
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buy health insurance & term insurance
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invest in index funds, FD, NPS, and gold
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have 10-15% of your remaining salary to splurge on things you like. You gotta leave an outlet open to have fun as well.
Credit card is useful only for people who are disciplined with it, unfortunately lot of ppl end up accruing credit card debts which turns into spiral. Better not have it or have it later on, not now necessarily.
Good luck
This is not Reddit. You don’t have to call out your gender 🙃
Congratulations to your sister.
Term insurance is a must. Have 20% in liquid funds like FD or RD, invest 60% of rest in MF (Preferably bluechip and index) and keep 10% in account as a buffer.
Everything was fine until I read "Mumbai" You are doing good btw 👍
How did you Edit? I didn’t know GV enabled edit option
Move out of Mumbai once you gain experience.