One crore goal help
I’m 29 years old, and my monthly income is ₹1.2 lakhs. Here’s my current situation:
Investments: I invest ₹35,000 in SIPs every month.
Savings: ₹11 lakhs in debt funds and ₹5 lakhs in equity funds (large-cap, mid-cap, small-cap, and gold).
Home Loan: My home loan EMI is ₹15,000 per month, and it will be paid off in 4 years.
Any extra money left after monthly expenses goes into debt funds.
My Future Plans:
- Buy a car (₹10 lakhs) in 4 years
- Buy land (₹20 lakhs). I am not sure about tenure. We selected a land and it is not available for sale at the moment. But as soon as it's for sale, I need to buy as it is convinent for us
- Save ₹1 crore in the long run.
I’m super worried that spending on the car and land will empty my savings again and make it harder to reach my ₹1 crore goal. (I went backwards for this goal while new house purchase)
How can I plan my finances better to manage these goals? Any advice would be really helpful!
Edit: While purchasing land, what should be my strategy? Getting another loan or wipe out my savings?