50% Needs: Rent, food, utilities, minimum debt payments
30% Wants: Dining out, entertainment, travel, subscriptions
20% Savings/Investments: Emergency fund, retirement, goals

Adjust for India:
  High cost city (Mumbai/Bangalore): 60/20/20
  Early career: 40/20/40 (maximize savings while young)
  Debt repayment phase: 50/10/40 (accelerate debt payoff)

3-6 months of essential expenses in liquid savings
  Monthly expenses: ₹40,000
  Emergency fund target: ₹1,20,000 - ₹2,40,000

Where to keep it:
  High-yield savings account (SBI/HDFC savings: 2.7-3%)
  Liquid mutual funds (better returns: 6-7%, 1-day withdrawal)
  NOT in FD (penalty for premature withdrawal)
  NOT in stocks (can go down when you need it)

Build it before investing — emergency fund prevents you from 
selling investments at the wrong time

PPF (Public Provident Fund):
  ₹500 min, ₹1.5 lakh max per year
  7.1% interest (tax-free), government backed
  Lock-in 15 years (partial withdrawal after 7 years)
  
EPF/EPS: Employer + employee contribution, retirement focused

Mutual Funds:
  Index funds: Track Nifty 50 or Sensex, low cost (0.1% expense ratio)
  Actively managed: Try to beat market (higher cost, often don't succeed)
  SIP (Systematic Investment Plan): invest fixed amount monthly
  Rule: 100 - age = % in equity (60 years old = 40% equity, 60% debt)

NPS (National Pension System):
  Tax deduction up to ₹2 lakh (₹1.5L 80C + ₹50K 80CCD(1B))
  Lock-in till retirement
  Good for long-term retirement corpus

Insurance (Not investments!):
  Term life insurance: ₹1 crore cover for ~₹1000/month
  Health insurance: minimum ₹5-10 lakh family floater
  Never mix insurance and investment (LIC endowment plans: bad returns)