We continue with our series on youth and their financial planning strategies.
Earlier in this series, we featured:
~ Anjali and Uday: Successful, career minded individuals; double income, no kids.
~ Nikhil and Arpita: Young, earning well. Nikhil believes in leading a luxurious life "within limits" and loves to shop. Arpita believes in saving for the future.
~ Prashant: Single. Lives in a middle-class joint family. Believes in saving. Wants to buy a home by the end of the year.
~ Anita: Single. Earning well. Has recently bought a home. has no savings -- no Public Provident Fund, no investments in mutual funds or bank fixed deposits either.
Today, we look at 22-year-old Neha's financial goals.
Neha Kapoor is just 22, but she is already serious about her finances. The fact that this young Khatri lady comes from a business family could be the reason for her awarness about money.
Neha's family is into the business of school uniforms and readymade garments. Back in Allahabad, her father resides with her two younger siblings; her mother passed away when she was just 12 years old. Her younger siblings attend college in Allahabad. Neha got a job and moved to Delhi in 2004.
Coming from an upper middle-class family, Neha did part of her schooling at a boarding school in Mussoorie and part of it from St Mary's Convent, Allahabad. While the family never did face any financial problems, her father always encouraged her to stand on her own feet.
After she finished Class XII, she began giving tuitions and teaching in a coaching class. She also took on an active role in the family business when she was in Allahabad.
Neha quite enjoys being on her own. While she is not a party animal, she does have her share of fun. A movie twice a month, a visit to the pub once a month and eating out around twice a month is how she sums up her social life.
But, by the end of the month, she is left with no savings at all; her bank balance drops to virtually nothing. She has two savings goals: to buy a laptop computer and to save for her financial security. The good news is that she has no loans to repay and no dependents either.
She wants to know how to manage her money better and how to start saving.
Would you like to be financially appraised? Then do write to us with these details and Gaurav Mashruwala will comment on your investments.
1. Name
2. Age
3. City you live in
4. Phone number
5. Take-home salary/ earnings
6. List of your current investments and the amount invested in each
7. Number of loans you are servicing with details of tenure and EMI
8. Monthly expenses
9. Details of insurance cover (medical and life)
10. Number of dependents
11. Goals towards which you would like to save
12. Tax bracket you fall under
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