PeppyWaffle

🚨 You're Probably Managing Your Money WRONG! Here's How I Do It… 🚨

I started my journey when i was 22 and after 3 years my expenses and salad both increased

But when i look into it expenses are always around 20% of my salary

But i was never sure where to put this money I kept everything in my salaried account only and now i have 10L+ in my saving accounts

Managing money is HARD, and I feel like I might not be doing it right. Would love to hear from experienced folks—what’s your strategy? 🤔

Here’s my breakdown: 💰 20% on expenses ✈️ 10% on trips & wishlist buys (iPhone, bike, etc.) 🤦‍♂️ 20% in udhaar (I swear I try to say no, but my friends are too convincing!) 📈 8% in SIPs (thank you, ELSS 🙌) 🏦 The rest? Sitting in my savings account... probably not the best move.

It’s being 3 years now but still struggling to manage my money

How do you guys manage your money? Drop your advice below! ⬇️🔥

1mo ago

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MagicalBurrito

Razorpay1mo

There is no fixed way or breakup on how you manage example some might have parents expenses or siblings education or some loan taken in past like car bike education or home loan etc

Here is my take

20% on monthly bills or other expenses like groceries and vegetables etc
15% each month saved for 1-2 large trips and some weekend outings etc
25% on loan
40% on saving this includes mf fds RDS and gold bond. Any returns here annually will help in other major expenses for the year or buying something. I buy only when I get cash and not when it's new in market and I want to show to external world yesterday kuch launch huva and it's with me today. Sorry Apple.

PeppyWaffle

Swiggy1mo

Thanks to my parents they never took loan

Yeah i have two siblings. What i am telling in 20% is including me ,my parents and my siblings expenses
Excluding fees You are correct fees is another 10%

Right now i reduce expense on personal trips as my bucket list is done

My only worry is udhaar and money which lies in savings account

PeppyWaffle

Swiggy1mo

Now I don’t buy until it’s not critical as i want to build a house for my parents in my hometown which cost around 80L ( 3 years ago that was nearly 50L)

And i really want money for this

JazzyQuokka

Laid-off1mo

That's interesting, now can you pls share your current CTC and NW? It will bring more perspective

PeppyWaffle

Swiggy1mo

Will be very honest
In hand is around 1.37L per month after tax

ZoomyPancake

Stealth1mo

Steer clear of ELSS. This buckets under 80C. Eventually your PF aand I surance premiums will take that bucket up. And ELSS will block your money for 3 years.

And hey hey hey. 20% in udhaar and 8% in SIP?? Your friends are being very shady here and you my friend need to clean up your act. Move that 20+8% to 30% SIP!!

Index and Large Cap funds are your best friends for starters.

PeppyWaffle

Swiggy1mo

Why insurance premium ? Company already paying for insurance right ?

30% in SIP - can we liquidate it within a week ?

ZoomyPancake

Stealth1mo

If you choose to buy any insurance for yourself in future (Read post marriage/self employed). Your salary will increase so at 4-5+ YoE your PF itself will take the bulk of 80C.

MF (Non ELSS) is liquid, yes. Of course.

SqueakyCupcake

Lululemon Athletica1mo

You are young and learn!

50% should be savings: 20% ELSS, 20% FD/RD, 10% PPF (non breakable)
25% Monthly Expenses
25% Trips/Wishlist

I am 30 and with my current loaning money to friends will never come back, and also you will ultimately lose the friendship of such people.

I use Ind money it's a good app for money overview.

Lastly never put cash/savings in account more 10-15k, if you need in emergency FDs will liquidate in secs

SqueakyCupcake

Lululemon Athletica1mo

*can learn.
quick typing errors

PeppyWaffle

Swiggy1mo

Thanks a lot this will be helpful But what if i need money can i transfer all money in once that I invested ?

Main point was i has to learn how to say no

BubblyLlama

Freshworks1mo

Save aggressively, have a second account in other bank and the moment you get your salary credit X amount of money from your salary account to the secondary account.

PeppyWaffle

Swiggy1mo

Agreed thanks

DancingQuokka

Gupshup1mo

Managing money is not hard.

I make 1.2 lakhs a month and I am able to save 1 lakh every month.

I put 10 in SIP.

Rest 90k I keep in my savings account.

I give money to farmers and contractors in my city.

I have given 10 lakhs and getting 50k interest every month.

I have bought a plot worth of 50 lakhs in Bhopal and the loan is on my father but I pay the EMI of 14k a month and every 3 month I give 3 lakhs in lump sum.

Stay lean and stay in aukaat until you cracked some big idea. That is my goal when it comes to money.