How to save for future?

POSTED BY kalai ON August 28, 2013 2:22 pm COMMENTS (5)

Hello everyone,

I have 4yr old boy i want to save for him, my current saving for him is LIC policy, and i am deposting for him Rs. 5000 per month, for his studies

My debts are: Paying interest to Personel loan vis a vis gold loan amount Rs.16000/-per month.

My salary is Rs.20000/-P.M

what can i do to reduce the interest paying to banks.

Kinldy guide me on this regard

Thanks in Advance…


5 replies on this article “How to save for future?”

  1. Dear Kalai, please read the reply given to you in another discussion.



  2. kalai says:

    I have kept my jewels up to 80grams (Approx) in bank @ forget ted the whole premium amt. Should retrieve by end of this year

    Have borrowed cash with neighbours Rs. 2L by interest paying monthly

  3. Dear Kalai, may I know the gold loan details? The amount involved, Gold value put as security, Time remaining for the gold loan?



  4. kalai says:

    Thanks for your suggestion, its very helpful.

    I have only my salary as income. no other income is available.

    Interested to do home based job……… searching for it……….

  5. I think you should first focus on getting rid of your loans within a few months by getting all the cash you can find.

    Before you do this, make sure have an emergency fund worth of about 6 months expenses and enough pure term life insurance.

    Once you get rid of your debt, you can reevaluate the need of your insurance policy and decide on where to invest.

    You can use this comprehensive child planner for insurance planning for goals:

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