I run my own fabric business. I have recently bought a house and a car. So I have large sums of money going into EMIs. This makes it even more important to have a tight hold on my finances. I have kept both EMIs on auto debit on the 10th and 25th of the month. This way it does not put undue pressure on my business. Also, auto debit means I don’t miss an EMI.
In term of savings, I invest in SIPs and have created an education fund for our daughter. We want her to pursue her dreams and go to study abroad. So we are working towards it. I and my wife also have life insurance policies to create a safety net for the other spouse and child in case something unfortunate happens. This also helps in tax savings. Our entire family loves to travel, so we have also created a holiday fund to take some time out every summer vacation.
I also want to start a retirement fund, but do not have the financial means to do so currently. I plan to start that as soon as my car EMI ends.