Friends, Life teach you lot of things to do differently I believe this and also think that you must believe this. Why I am saying this? What mistake I have done in my life I don't suggest you people do so. When I had started my career and got my first salary I spent lot of money purchasing new luxury items and spent lot of money moving in the mall, watching movies in theater with friends etc. But, didn't think about savings. Later stage when I left my job started my own business that time I really suffered a lot. Then after analysis I decided that what mistakes I have done few years back I don't repeat again.
After interacting with many financial advisors, they suggest me you need to invest your money in the following manner.(After deducting your expenditure from total income you need to invest money),
Keep 20% Cash of your total savings for urgent needs - Example - If you are earning Rs 50,000 in a month after expenditure if you are able to save Rs 20000 then keep Rs 4000(per month) in cash for your day to day requirements.
Keep 30% in your Saving Accounts - If consider above example then Rs 6000 in your saving accounts because if you keep your money as a cash you will not get any interest but if you keep your money in saving accounts you can also get interest from it.
Invest 10% to Purchase life insurance with return guaranteed scheme to secure your family. - about Rs 2000 a month need to be spent in life insurance money back guaranteed policies which save and secure family life if something wrong happened to your life.
Invest 10% to purchase SIP/ULIP - Systematic Investment Plan where your money will be invested in the equity fund in the guidance of specialized fund manager, so here you will invest around Rs 2000 per month then after 10 -15 years you will expect a good return(Remember share market is a volatile market there is a chance of loss your money but due to good fund manager they can do the analysis and invest in such shares where your money will be maximized so before investing any SIP please read there documents carefully)
Invest 10% to purchase Pension plan - Around Rs 2000 need to be spent in pension plan with tax saving scheme under income tax which save your tax also. Doing this you can secure life after retirement.
Invest 10% to purchase Bonds/Kisan Bikas/Govt Schemes/Post office scheme funds - Govt. schemes are always give good return and also help you to take loan from your deposits with less interest and also get exempted from tax as per income tax.
Invest 10% to purchase health insurance - Life is uncertain because you don't know what is going to be happened tomorrow. Today I am healthy may be able to do whatever I like to do but due to some circumstances I found some difficulty in health or any member of my family found some health difficulty and hospitalize that time this health insurance will be help full. So there are many health insurance companies are providing cashless services so you need to check from one of them and invest around Rs 2000 every month.
(Disclosure – I am not a financial advisor but What I learn after doing mistakes I share with you I may be wrong in some parts you may interact with a specialized financial advisor to collect more information.)
