How to invest your salary wisely: Earning Rs 25,000, Rs 50,000 or Rs 1,00,000 per month? Follow these tips

Salaries keep revising every year, it often becomes really confusing when you get your salary as you wonder about the right investment and spending plan? What are the investment options for different salary brackets? How to invest in shares, mutual funds, insurance policies, real estate, commodities etc? These are some of the questions crop up. Different salaries need different investment strategies. In an interview, Harshvardhan Roongta, CFP,  Roongta Securities, tells Zee Business how one should go about it.

"It is important to save for future and plan your retirement, however securing your family is the utmost important thing for life. The requirements could be different for a different salary class.'' said Roongta.

Rs 25,000 salary

In case you are married and have a child: Roongta said the amount remaining after expenses, each month, would be very less to invest. But the places where you should invest are:

1. Insurance Plan: Term Insurance Plan for a cover of Rs 50 lakh or Rs 1 crore. 

2. Medical Insurance: Take a medical insurance plan for the family. It is very important for meeting contingency.

3. SIP: Make a designated fund that can be allocated to SIP Mutual Funds. SIP can be started with minimum Rs 500 and equity is good asset class to earn a handsome amount in the long term.

In case you are single: 

''In case you are single and have no responsibilities of family, you can invest 20 to 30 % of your salary in both debt and equity. Make sure you learn investing and avoid wasteful expenses,'' said Roongta.

Rs 50,000 salary:

''Employee of this salary bracket needs to invest around 10 to 15 per cent in investments, other than insurance, PF, benefits that your company provides,'' said Roongta.

1. Term Insurance: Get a Term Insurance Plan for Rs 1 crore cover. 

2. Medical Insurance: Get a medical cover for you and your family even if your company provides it.

2. Disability Insurance: It provides you a health cover in case you meet any accident or critical illness. 

3. Make a combination as per goals: For short term goals, invest in recurring deposits, fixed deposits or debt funds. While for long term goals, look for equity class like SIP and Mutual Funds. 

Watch this Zee Business video to know about salary investments:

Rs 1,00,000 salary:

''The lifestyle of this class, especially in metro cities is a bit higher. People buy cars, houses and expensive accessories in this bracket. Make sure you invest 20% of your income for future,'' explained Roongta.

1. Term Insurance: Get a Term Insurance Plan cover for Rs 1 crore or more.

2. Medical Insurance: Medical cover plan for you and your family is a must.

2. Disability Insurance: It provides you a health cover, in case you meet any accident or a critical illness. 

4. Emergency Fund: Make an emergency fund as you will be left with a surplus. Create a three-month emergency fund for future.

5. Simple financial products: Invest in Mutual Funds, Bonds, PF, NCDs, fixed deposits.

6. Loans: Avoid loans for holidays, expensive cars or luxurious consumer goods.

7. Real Estate: Make a balance with your EMIs, avoid investing in a second home in case you have one already.

People with income over Rs 2,50,000 should ideally invest more than 20 per cent of their income in varied asset class like equity, debt fund, liquid fund, insurance plans, real estate, commodities etc, said Roongta.