Are You Making the Most of Your Salary Appraisals?
As the appraisal season hits, many people make a plan as to how will they spend their money. Some plan to travel, some plan gifts for their dear ones and some plan to buy the commodities of utility. But have you planned to spend this amount towards your better future? Not yet? Then the financial analysts of MySIPonline have a full-proof plan for your salary appraisals.
Even in a weak economy, there is an increment of 8% to 10% in your salaries. And this surplus can become more productive than what you have ever thought of. This is the time when you can check how the funds in your portfolio are performing. To ensure that they fulfill your future goals and how you can allocate more money to make it larger, you need to plan them, before it’s too late. There are some investment strategies which help you to know as to where and how you can increase your SIP investments, which are discussed as under:
- Save taxes: There are people, who lose their increments in taxes. Don’t be a loser anymore. Save your taxes by investing in the ELSS funds, that offers Rs 1.5 Lac deduction under Section 80C of Income Tax Act, 1961. This will provide you a relief from taxation and further your hard-earned income will not be sacrificed in taxes but can be saved efficiently.
- Save the future of your kids: We all plan to have kids someday. And with the increasing inflation in the market, education has become expensive. So if your children are approaching towards the age where they will need more funding for studies, then make a convenient provision for them. Invest in their future goals.
- Your own house: Every person dreams to have a house of their own. A house for which they need not to pay a rent anymore. But isn’t the land rates haunting you? Start investing now to have your own house by increasing your monthly SIPs.
- Beat inflation: What if in the coming years, the inflation in the market becomes more deteriorating and impacts your purchasing power. So make your plans to beat inflation and invest more via SIP top-up.
How Will SIP Increments Help You?
Even a little addition in your SIP can help you in building a large corpus. The more you invest, the more it gets compounded and henceforth, it will give you higher returns in the long run. All you need to do is fix your priorities in beginning. This will help you fulfill your goals that are of short, medium or long-term.
Practicing the habit of saving through SIP in a mutual fund will boost your net worth and also help you to relish your income without much stress.
Increase SIP Amount Every Month for More Benefits:
As your salary increases, you can afford more investments, and the quantum of investment amount must grow. This is needed because some little additions in the SIP amount can help you to accomplish your future goals.
“Stay invested for a flourished future”
- This Independence Day, Let's Pledge for Freedom from Financial Worries2076 min read Aug 14, 2018
- Are Balanced Funds Better Than Balanced Advantage Funds?2984 min read Aug 02, 2018
- 7 Points to Ponder While Investing in Small Cap Funds7953 min read Jul 19, 2018