Many mutual funds do not allow you to increase your SIP amount in between the SIPs. In that case, if you plan to increase your investment from next year say by a fixed amount or a fixed percentage then Step up SIP is the option to increase your investments every year.
Embark on the New Year with optimism as you purposefully initiate financial planning. It’s imperative to plan your finances for the upcoming year, shedding outdated perspectives on money and investments along with your old self.
The beauty of SIPs lies in their ability to allow investors to not time the market. They offer benefits such as rupee cost averaging, compounding, and hassle-free investing. Starting early, mapping SIPs to financial goals, and never skipping an SIP are key strategies for maximizing returns.
Fixed amount monthly contribution through mutual fund SIP has it own limitation specially when you are saving for a long term life goal. As inflation would make your goal costly you would need to save higher. With time most people witness a gradual rise in their income and they can channelise some additional savings towards increasing their contribution annually through step up SIP and save a much bigger corpus than what was originally estimated.
The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals.