SIP : We all have some big financial goals in life, like buying a house, saving for our children’s education, or preparing for retirement. If you want to save ₹11 lakh, you need a clear plan. A plan that allows you to save little by little and eventually build a large fund. One of the easiest ways to do this is by investing in SIP (Systematic Investment Plan).
SIP is a method where you invest a fixed amount every month. Over time, your savings grow, and you can reach your goal. It’s a simple, easy way to invest that anyone can start, no matter their budget.
How to Save ₹11 Lakh in 10 Years
If you want to save ₹11 lakh in 10 years, you’ll need to invest ₹5000 per month through SIP. With an expected 12% annual return, this investment plan will allow your money to grow steadily. If you’re thinking about investing for the long term, this is a great option. You give your money time to grow, and you’ll earn returns along the way, which will help you reach your goal.
How to Save ₹11 Lakh in 5 Years
If you want to save ₹11 lakh in 5 years, you’ll need to invest ₹13,800 per month through SIP. This amount is a bit higher, but it’s a quicker way to accumulate the money you need in a shorter period.
This approach is great for those who want to reach their goal faster and are able to invest a higher amount each month.
Step-Up SIP: Increase Your Investment Every Year
Another smart option is to increase your SIP amount every year. This is called a Step-Up SIP. For example, in the first year, you can start by investing ₹5000, and in the next year, increase it to ₹5500. By doing this, your investment and returns will grow over time.
Increasing your Systematic Investment Plan by 10% every year is a good strategy. This helps your savings grow faster and helps you achieve your financial goal quicker.
Conclusion
If you want to save ₹11 lakh, the first step is to decide how many years you want to take to reach that goal. Once that’s clear, you can start investing through Systematic Investment Plan. If you want to achieve your goal in 10 years, investing ₹5000 per month will work. But if you want to save in 5 years, you’ll need to invest ₹13,800 per month. Additionally, increasing your SIP amount every year is a great way to build your fund faster.
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