This week on the MyMoney Series, we talk to Vivek Subramanian, CTO and co-founder at PrimaSeller, a startup in the retail channel space. Vivek has worked in IT for close to a decade. He is an adventurer outdoors but not in his investing, and he talks about his plan to change that.
I save around 60k per month - since I stay at home, I also save on rent money. My investing pattern is pretty similar to what my dad does since he plays the role of an informal fund manager. That role now is gradually being shared by my wife - she is more risk friendly than my dad, so I expect that my portfolio will change towards a bit riskier ( and hopefully higher return) investments. Most of my money has been in very-low risk instruments - 80% of it is in FD, PPF, NPS, and savings accounts, 10% across some mutual funds and 10% in stocks.
I don't spend much day to day. I haven't made a big ticket purchase in the past couple of years. The last expensive item I bought was an iPhone two years ago. This was when my salary was higher that what I make now after joining a startup, so the 50k that I spent on the phone wasn't a big pinch.
In the last couple of months I had one fairly big spend item - my wedding - which cost around a year of savings for me. Since putting that money in FD wasn't going to help much, I salted the cash away in my savings account and was careful not to spend it. I got married about a couple of weeks or so after the demonentization. Paying off wedding expenses required some planning in withdrawing money, given the limits.
My monthly spend usually never exceeds 20-30k. When I do splurge, I splurge on collecting whisky, traveling and dining out - in that order. So the rule is quite simple - when I figure out what I want to splurge on next, I go into a savings overdrive except for the bare essentials.
