How much to Invest in SIP? is one of the most common queries by the investors. The most common amount advertised by the mutual funds is Rs 1000 or Rs 5000 per month. However, both these amounts are technically incorrect for the SIP. The reason being that they do not take into account your income and expenses. Money Management is very crucial for any investment planning. It is not easy. You can take the help of FREE money management apps available on the google play store. Recently, i ran a poll on my twitter profile on the best FREE money management app. Most of the investors voted for the ET Money app.
You can track your expenses and control the unnecessary expenses. You should target at least 30% savings which are average savings rate in India.
You can also follow the following suggestions based on my personal experience to increase the savings and SIP amount.
1. Let the saver of the house do the financial planning and manage the investment.
2. You should not bring any drastic change in the existing expenses.
3. Mutual Fund selection should be based on proper research and analysis.
4. Always try to create 2nd or multiple sources of Income.
5. Focus the cut the biggest expenses first like housing, travel, etc.
6. Don't spend more because of promo/sale/offer on product or service.
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