You can plan your retirement now by setting aside a small portion, we recommend 10-15% of your take home salary every month, into long term SIP. This should be the amount of fund that you will not touch until your retirement age. Normally we recommend SIP into equity mutual funds for this plan;
Check the amount of SIP you should start today by using following calculator
You may have certain financial obligations for which you may need certain amount of fund to full fill that obligation like repayment of house loan, children education, marriage planning etc. Simple way to accumulate wealth for meeting these financial obligations is to start saving through SIP. Normally we recommend SIP into blend of equity and debt mutual funds for this plan;
Check the amount of SIP you should start today by using following calculator.
If you have some short term cash requirements and you are saving some funds from your salary every month so that you can spend on that car you always wanted or you are saving for upfront deposit to buy your house, start setting aside a portion of salary in SIP. We recommend parking this money in Liquid funds though regular SIP instead of leaving it your bank account.
If you have lumpsum amount and want equity market participation, we recommend a STP (systematic transfer plan) where in you park your lumpsum amount in liquid scheme and set up SIP into equity mutual fund for the amount of interest that is generated. This way your capital lumpsum is protected and stays in liquid form but at the same time you get upside on the equity on your interest income.
You can make a SIP in your child’s name by setting up a child gift SIP plan. Based on the requirements and time we suggest either SIP into equity mutual funds or debt funds.