How to Save ₹1 Crore in 15 Years and be a Millionaire

How to Save ₹1 Crore in 15 Years and be a Millionaire
How to Save ₹1 Crore in 15 Years and be a Millionaire
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Kumar Sunil

Kumar Sunil

Dreamer & Enthusiast

Creative. One word says it all for Sunil. A engineer, an enthusiastic and conscientious Information Technology consultant by profession, Sunil shares a special interest with entrepreneurship and lifestyle.


  1. Invest in good schemes.
  2. Avoid risky investments.
  3. Keep reviewing your retirement plans.
  4. Watch out your spending habits
  5. Give up now and enjoy later

I don’t want to talk about how to retire rich because savings in not something you only need when your hair turn gray and a walking stick accompanies you.

No wonder, people, especially youngsters nowadays have different philosophies for life. To them, life is all about living the present and not worrying much about the rainy days ahead. “Who cares and who knows!” But, this is not the case. Adversities are like credit card payment collection guys, they can knock your door any time and they can knock you down any time. Should they knock you down in you fourth phase of life (old age), recovery becomes very hard and sometimes, impossible. You should save and you should learn how to save. Ever thought why your parents bought you a piggy bank? They want you to learn the importance of savings.

There are two ways to get enough. One is to continue to accumulate more and more. The other is to desire less.G.K. Chesterton

Being a financial planning apprentice, I got to listen to hundreds of stories every day. And, the most common one is – “My nest egg of saving is smaller than that of my brother’s.” This reason is perfectly acceptable because maybe you don’t have as much earning as your brother might have or unlike you, your brother is not keeping all his eggs in one basket; he has multiple incomes sources that are completely unknown to you. None of your business, either. Anyhow, I am no one to make you feel bad. But, my point is how you can save ₹1 Crore in next 15 years regardless of your starting age. Even if you are in the 40th year of your age, you can start today and can be sure of having a good old age life.

What all you need to do is – Focus on saving and not on returns.

No wonder, what income group you fall in – LIG, MIG or HIG, you need to fasten your belt once you blow off the candles of your 40th birthday. Friendly advice is – save at least 10-15% of your income on monthly basis. Cut your lifestyle, reduce your expenses, give up your comforts, skip outdoors or do whatever it takes. You need to bring your expenses down and you need to increase your savings. The question now comes is – where to put these savings? So, here are some suggestions for that.

EPF or VPF – Employee’s Provident Fund or Voluntary Provident Funds

Increase your share from to something that you can easily afford. In case, you are covered under EFP, ask your employer to raise up your share from 12% to a higher amount. This additional contribution is going to earn the same amount of 8.5% and the best part is – deduction under section 80C. In case, of VPF, interest earned is lesser than PF or PPF. If you are not covered under EPF, you can then go for PPF, but in this account, you cannot save more than ₹1 Lakh annually. Should you want to put more, look for NPS – national pensioner scheme. To save ₹1 Crore in 15 years you need to save – ₹27,641 every month for 15 years.

Bank Deposit – Fixed Deposit

Try to have Fixed deposits in the bank because they can get you a good amount of interest. This can assure you of a guaranteed return after the maturity and interest earned is fully taxable as per the tax slab. The only problem is – interest rate fluctuations. You need to be a little watchful about the interest rates. To save ₹1 Crore in 15 years you need to save – ₹30,201 every month for 15 years.

Life Insurance

“Invest in LIC.” There are many Life Insurances available in the market. But, to the date, LIC’s Jeevan Anand is a high return LIC policy. This life insurance policy not only offers financial protection to your family after your death but also pledges high returns on the investment made. To save ₹1 Crore in 15 years you need to save – ₹37,000 every month for 15 years.

Gold and Property

Investment done in gold and property can offer you awesome results. Though, there is no standard rate of returns for these investments. But, according to some cases – the return percentage was as high as 8-10%. Property can reduce your tax burden when you sell and can also get you rental income. To save ₹1 Crore in 15 years you need to save – ₹26,127 every month for 15 years.

Equity Mutual Funds

What can be more interesting than 12% – 14% returns on an investment? Equity mutual funds can get you maximum results on the smaller contribution if left untouched for longer duration. But, this is a risky investment and that is why it offers an awesome rate of interest. The risks are associated with Bull and Bear trends of the market. To save ₹1 Crore in 15 years you need to save – ₹14,000 every month for 15 years.

Besides, you also need to watch your finance related habits.

Risky Investments

I have seen people investing in stocks and other risky areas. For those investments, they have to rely on the judgments of their planners/brokers. I must say, if you don’t know how to deal with the graphs of Stock Exchange, do not dare to invest your money there. You cannot control the market conditions and all you can control is – your savings and expenses. Do not invest on things that you have any control on.


Watch out your spending habits. If you think you are a spendthrift, avoid carrying your CC (credit cards) when you go shopping. Do take hard cash only and no debit or credit cards. This way, you will be able to manage your useless expenses. Reminds me of Warren Buffet’s quote – “If you buy things you don’t need, you may soon have to sell the things you need.” Ask yourself, what pinches more – paying cash or swiping card?

Cutting down you expenses may bring some unfavorable changes in your life, but trust me, they are going to much better than what you are going to experience after 10-20 years.

Retirement Plan

Choose your retirement plan very carefully and keep reviewing your plan from time to time. Life is so uncertain and shit happens. I know a person who planned to save nearly ₹3 crores as his retirement plan, but after his employer duped him, he lost a big share of PF. He then reviewed his plan and made alterations in his retirement plans. Factually, you cannot even go down your limits; limits in the terms of amount that you can keep aside as savings.

You need to remove one of the barriers that most people wearing conscientious everywhere – the famous words are “I cannot afford that!” You need to come out of your comfort zone or I would say confused zone, and you need to give up over-thinking. Because this is how you are going to realize the reality.