Good morning people of the HIVE
Today I am here to talk about the ideal amount that a person should invest in an SIP every single month according to their Monthly Income. So for that you need to know a few things about your own lifestyle and family and then you can calculate what amount you need to invest in SIPs every single month.
So there are a few things that you need to calculate about your Family and Lifestyle. First of all you need to know what your monthly needs are and by that I mean your RENT,GROCERY,BILLS and all the important stuff. For example if your salary is 100 INR and you need at least 50 percent of that for your Monthly needs then your NEEDS for the month are 50 INR. The next point is to calculate your WANTS and these are things like a new watch you want to buy or dine out with friends in short these are things that are not necessary but things that you want to add into your lifestyle and I feel like 20 percent of your Monthly Salary should be more than enough to cover any WANTS in your life and the remaining amount is the amount you should invest as a SIP every single month.
In my case I am investing around 23 percent of my monthly salary in a SIP every single month and I would like to move that amount up slowly to at least 35 percent but the amount of investment you are doing may vary with others as not everyone is the same and some may have some financial issues which needs to be taken care of.
So don’t get hasty if you are just investing 10-15 percent of your monthly salary into SIPs instead try to focus how you can increase that percentage slowly with time.
