Even low earning people can save well every month, financial advisor told the method of investment, they will become rich soon

Jamshedpur: In today’s changing economic situation, people often think that it is difficult to save if they have low income, but financial advisor Javed Akhtar Khan says that even people with monthly income of 25 to 30 thousand can easily save ₹ 5000 per month. For this, the most important thing is financial discipline and proper understanding of your income and expenditure. According to Khan, whether the income is low or high, saving should always be done “first” and not from the balance at the end of the month. He said that the biggest mistake people make is that they consider the amount left after expenses as savings, whereas success is achieved only if as soon as the salary comes into the account, first of all ₹ 5000 is set aside and invested.

Khan says that he has seen many such examples where even people earning lakhs get trapped in EMIs and show-offs and are left with empty pockets at the end of the month. Therefore, it is more important to plan properly than increasing income. He said that saving is possible only when a person understands the clear difference between his needs and wants. Needs means necessary expenses. Like- rent, ration, electricity, transport. Give priority to all these. Wants means hobbies. Like fun, gadgets and expensive expenses. Complete these only when the savings have been secured. If money is short then cut down on desires or take small steps towards increasing income, but do not stop saving ₹ 5000 every month. This amount will be most useful in future in times of need.

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Regarding investment, he clearly said that ₹ 5000 can be invested in Multi-Asset Allocation Fund or Multi Cap Fund of any good company, because mutual funds have the ability to increase your capital manifold in the long run. Such funds balance the risks and help in generating huge wealth even with small investments. Giving examples, he described funds like HDFC Multi Asset Fund, ICICI Prudential Multi Asset Fund, Kotak Multi Asset Allocation Fund, Nippon India Multi Cap Fund and Motilal Oswal Multi Cap Fund as reliable options, where one can start with SIP of ₹ 5000 per month.

Khan also said that financial security is important in life because emergencies never come without warning. Those who have made a habit of saving are able to cope in any situation. Therefore, it is important for every person to develop the habit of investing ₹5000 at the beginning of the month, despite low income. This small beginning later becomes a big financial support.