Got a question about your money? What you should or should not do with it?

Our expert Devang Shah has the answers.

I recently got married. Here is my dilemma.

 My husband earns Rs 20,000 a month and out of that, gives Rs 15,000 to my in-laws for running the house. That leaves him with just Rs 5,000.

 I earn Rs 10,000. Out of this, Rs 2,000 goes towards the car installment loan. With the balance, I have to pay my cell phone day and Rs 100 per day for petrol to the office and back.

I plan to open a PPF account and deposit Rs 3,000 every month in it.

What is your opinion on our current situation?

- Ruchi

Hi Ruchi,

Let's say you and your husband are going to retire after 30 years and then live a retired life of another 30 years.

If you earn 8% (that is what you will get from the Public Provident Fund) on your investments and plan to spend about Rs 20,000 every month (in today's prices) during the retirement period, you might need about Rs 2.60 crore on the day you retire to fund your retirement.

I have assumed inflation at 5.5% per annum. To get that, you will need to save about Rs 17,400 every month for the next 30 years.

These are mathematical conclusions.

• Money tips for young couples

The good news is that we, as human beings, will learn to live within our means. So, it's possible for you to spend less now as well as live within a smaller budget during your retirement. That's one of the choices many of us have to make.

Yet, I believe that you have reason to be optimistic. You are young. You have time on your side. More importantly, you are conscious of your need to save and invest. As time passes by, you will earn more and be able to save more.

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