Smart Investment: Master the 50-30-20 Rule to Save 20,000 Monthly on 1 Lakh Salary

• Despite a good income, many struggle with savings due to rent, EMIs, and daily expenses, often lacking a structured financial plan.
• The 50-30-20 rule suggests allocating 50% of income to needs, 30% to wants, and 20% to savings and investments.
• For a 1 lakh monthly salary, this rule mandates saving at least 20,000 rupees, which is a minimum target.
• Prioritize financial basics like health insurance (e.g., 10 lakh cover for Rs 800-1000/month) and an emergency fund (3-6 months of essential expenses) before investing.
• Life insurance is crucial for dependents (15x annual income suggested), and investment goals should be set with clear timelines.

Why It Matters: Implement the 50-30-20 rule and secure financial basics to effectively save and invest from a 1 lakh salary.