Plan your finances by calculating the gross monthly income needed to cover desired expenses, savings, and deductions.
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Q. What is Financial Planning?
Financial planning is a process in which you control your income, expenses and investments in such a way that you can manage your money and achieve your financial goals (like buying a house, going on a vacation, buying a car). It helps you use your hard-earned money well.
Q. What are the major benefits of financial planning?
There are many benefits of financial planning:
- It increases savings.
- It improves your standard of living.
- It prepares you for emergency situations.
- It gives you peace of mind.
Q. What is the first golden rule of financial planning?
The first golden rule is “Save Your Money”. Financial planning starts with savings. Aim to save at least 10% of your income and deposit this money somewhere separately (like in an FD) so that it is available for emergencies or future goals.
Q. How to regulate expenses?
To regulate your expenses, you need to make a budget. In this, divide your income into different categories like essential expenses, non-essential expenses, and luxuries. Try to reduce or avoid non-essential expenses that are not in your priority even if they do not seem completely unnecessary.
Q. Why just saving money is not enough?
Just saving money is not enough because inflation reduces the value of money over time. Therefore, it is also important to invest the saved money so that it can give you benefits and keep growing over time.
Q. What should be kept in mind while investing?
While investing, you should focus on long-term investments (for 10-15 years). Avoid investing in only one place to reduce the risk; diversify your portfolio and invest in different places.
Q. Why is retirement planning important?
Retirement planning is important so that you are prepared for the time when you will not be earning. If you plan for your retirement from now on, you will be able to live a happy retired life and you will not have to work under compulsion due to lack of money.
Q. How to manage taxes effectively?
To manage taxes effectively, you need to set a calendar so that you can pay taxes on time. Also plan how you can reduce your taxes in legal ways (such as by taking advantage of tax-saving investment options). Make your budget according to the amount left after taxes from your income.
Q. What is Grip Invest and how does it help?
Grip Invest is an alternative investment platform in India that allows retail investors to invest in physical assets that are leased to leading companies in India. This gives the investor a fixed monthly return that can be 2-3 times higher than FDs and is not linked to the market, so there is no volatility.
Q. What does "two to three times the return of FD" mean?
This means that the returns you earn through lease investing on platforms like GroupInvest are usually two to three times higher than the interest you get on bank fixed deposits (FDs), making your money grow faster.