Senior bank manager Krutti Sundar Patra needs to cut down on expenses and save more, says Pankaj Mathpal, a Mumbai-based certified financial planner.
Cash Flow and Net Worth
Patra’s monthly income is â¹65,000, and he spends â¹37,000 per month, including the home loan EMI of â¹15,000. Another â¹15,000 a month is spent to meet the personal expenses of his dependent parents. He also pays an annual premium of â¹61,000 for his life insurance policies. According to financial planner Pankaj Mathpal, Patra should lower his budget for some of his future goals and curtail his expenses to increase his monthly savings. He should also convert his life insurance policies (except the term plan) to paid-up status to reduce premium. It will help him manage his cash flow better and save more for his future financial goals.
The total value of Patra’s financial assets is â¹9.50 lakh, out of which â¹6 lakh is invested in bank fixed deposits and â¹2 lakh is kept in a savings account. He has also put â¹1.40 lakh in equity-oriented mutual fund schemes. Patra has a self-occupied house, and its current value is â¹35 lakh. He has taken a home loan for buying the house, and the current outstanding is â¹13 lakh (see table Assets and Liabilities).
Taking Care of Essentials
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