Are you also worried about your future? can’t figure out how to save money or where to invest? then this article is for you. Adding money in installments has been a choice of Indians for years. People make good money in 5-10 years by investing in bank accounts, recurring accounts, and post office schemes, but the interest on this deposit is low, so people’s trend towards mutual funds and SIPs increased. The special thing is that in the last 10-15 years, stock market-linked schemes and mutual funds have given tremendous returns to investors. If you are asked how much money you have to save every month to raise Rs 16 lakh in 8 years.
According to simple calculations, for this you have to save more than Rs 16000 every month so that Rs 2 lakh is added every year, and then in 8 years this amount will be Rs 1600000. But you can save this amount by adding Rs 10,000 every month. For this, you have to invest regularly in SIP, i.e., every month in mutual funds.
SIP
Adding money in installments has been a choice of Indians for years. People make good money in 5-10 years by investing in bank accounts, recurring accounts, and post office schemes, but the interest on this deposit is low, so people’s trend towards mutual funds and SIPs increased. The special thing is that in the last 10-15 years, stock market-linked schemes and mutual funds have given tremendous returns to investors.
If you are asked how much money you have to save every month to raise Rs 16 lakh in 8 years, According to simple calculations, for this you have to save more than Rs 16000 every month so that Rs 2 lakh is added every year, and then in 8 years this amount will be Rs 1600000. But you can save this amount by adding Rs 10,000 every month. For this, you have to invest regularly in SIP, i.e., every month in mutual funds.
Make more money by SIP
This will include your invested amount of Rs 9,60,000 and Rs 6,55,266 (at 12% per annum). In such a situation, you can get more than Rs 16 lakh on maturity. Since investment in mutual funds is subject to market risks, the amount received on maturity may vary. In the last 10 years, the average annual return on mutual funds in India has been around 20%. If calculated at this rate, then in 8 years this amount can increase to about 24 lakh rupees.