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Mutual fund queries answered by Sridevi Ganesh of Chamomile Fin Planner

elss
I am 31 and have a child aged nine months. My salary is ₹55,000 per month. Every month, I invest in ₹7,000 in Axis Long Term Equity, ₹9,000 in Kotak Standard Multicap, ₹6,000 in SBI Magnum Multicap and ₹6,000 in a DSP Midcap. I am also investing ₹48,000 in PPF every year. My goals are retirement in 2048 and child’s higher education in 2036. —Santu Mondal

You are saving ₹32,000 per month on an average out of your ₹55,000 pay. Your savings are 58% of your income and your expenses are only ₹23,000 per month. You may not be able to continue your savings ratio with your child’s school admission and other related expenses. You need to set aside funds for your short and medium-term goals as well in fixed income category. For your income, you may not need any ELSS towards tax schemes. You may reduce your equity to 60% and the balance 40% can be invested among PPF/FD/liquid funds based on your short and medium-term needs.

These queries are answered by Sridevi Ganesh,CFP, Chamomile Fin Planner
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