I work for a private concern and draw a consolidated pay of Rs.20,000/- per month. My age is 31 and my wife is about to give birth to a baby by end of this year. My monthly commitment will be approximately Rs.10,000/- per month which includes my house rent, groceries, fuel, mobile bill, electricity, water, servant maid, other miscellaneous.
I am about to get a share of Rs.5 Lakhs from my parents which i am planning for a long term investment. I am also planning to build a house in my own land which i purchased recently in another 3 to 4 years max for a budget of 10 to 12 lakhs. Now please suggest me some ways in which i can start my savings from now onwards in such a way that i will have about 2 to 3 lakhs before i start my construction so that i can use it as the initial payment to avail a home loan. I also would like to have some corpus funds which can be liquidated easily for any emergency purposes. I would also like to save for my child’s education and our retired life. As of now i do not have any insurance policy also. I and my wife hold a ICICI lombard health insurance alone.
Please suggest me how effectively can use my resources to save / invest so that we can lead a economically safe life and still achive our goals.