If you think that your income is not very high, so you cannot invest, then you should change this thinking. In today's time, there are many such schemes in which investment can be started with just Rs 500 per month and a fund of lakhs can be added.
Do you also feel that on hearing the word 'investment' or 'investment', it is the work of only the rich, and a lot of money is needed for it? If yes, then the time has come to change this thinking. In today's era, you do not need thousands or lakhs of rupees to invest. You can lay the foundation of your financial future even by saving just Rs 500 a month.
Rs 500 is such a small amount that any student, housewife or a person with low income can easily save. The real power of investment is not hidden in its amount, but in its continuity and time. This is called the 'Power of Compounding', where your money earns money for you. Know about 4 such schemes in which you can create a fund of lakhs by investing just Rs 500 per month.
1. SIP (Systematic Investment Plan): Opportunity to grow with the market
SIP i.e. Systematic Investment Plan is the most popular and easy way to invest in mutual funds. This is best for those who want to take advantage of the stock market, but do not want to take the risk of buying shares directly.
How does it work?
In SIP, a small amount like Rs 500 is deducted from your bank account every month on a fixed date and goes to your chosen mutual fund scheme. Although there is market risk associated with it, it has been seen that SIP has given excellent returns in the long run. Experts believe that in long term investment, SIP can give an average return of 12% or even more.
Calculation
If you deposit Rs 500 every month (Rs 6,000 annually) in PPF:
After 15 years: Your total investment will be Rs 90,000, and you will get Rs 1,62,728.
After 20 years (on expanding the scheme): Your total investment will be Rs 1,20,000, and your fund will grow to Rs 2,66,332.
After 25 years (on expanding the scheme): Your total investment will be Rs 1,50,000, and your fund will grow to Rs 4,12,321.
Best for whom
This is an excellent option for those who want safe investments and want to save taxes.
3. Sukanya Samriddhi Yojana (SSY): For daughter's future
If you are the father of a daughter, then this scheme is no less than a boon for you. This scheme of the central government has been specially designed to save money for the education and marriage of daughters.
How does it work?
This account can be opened before the daughter turns 10 years old. A minimum of Rs 250 can be deposited annually in it. Currently, it is getting an interest of 8.2%, which is more than PPF. In this, you have to invest for 15 years and the account matures in 21 years.
Calculation
If you invest Rs 500 every month for your daughter in Sukanya Samriddhi Yojana-
Total investment for 15 years: Rs 90,000.
On maturity after 21 years: You will get about Rs 2,77,103. The special thing in this is that the investment has to be made only for 15 years, but the interest keeps on coming for the entire 21 years.
Best for whom
This is the best and highest interest paying government option to create a fund for your daughter's secure future.
4. Post Office RD (Post Office Recurring Deposit): Fixed returns for a short period
If you want to save money for a fixed goal (like buying a bike or going on a vacation) for a short period like 5 years, then Post Office RD is a good option.
How does it work?
RD is a 5-year scheme, in which you have to deposit a fixed amount every month. Currently, it is getting 6.7% interest. This is a completely safe investment.
Calculation
If you deposit Rs 500 every month in Post Office RD-
Total investment in 5 years: Rs 30,000.
On maturity after 5 years: You will get Rs 35,681 (of which Rs 5,681 will be interest).
Best for whom
This is a great option for those looking to save for short-term goals with guaranteed returns.
