Saving For Financial Security

Manali Chavan, 28, who works with an MNC as an account executive, had always known the importance of saving money. Her parents always taught Chavan the importance of being financially secure and taking their advice seriously, she had been saving money ever since the day she received her first salary. She did not want her money to just sit idle in a bank account and hence started investing in mutual funds through a systematic investment plan (SIP). Presently, she invests `25,000 each month in different mutual funds. Sharing the reason behind choosing an SIP as her preferred instrument, Chavan explained, “Not having the correct knowledge and time to track markets actively leaves me with options like mutual funds. Also, investing in ELSS funds helped me save on my income tax. It also diversified my risk and gave me exposure to debt market to some extent.” Chavan stated that...