Are you ready with enough savings for family’s secured future?
In today’s time everyone earns for a better lifestyle, fulfill their individual or children’s dreams. However, only earning and splurging money will not make an overall progress of an individual in future. It is your saving habit that will eventually help you build a corpus during the long league and help you attain each financial goal of life. With the ever increasing inflation and volatile market trends, every individual is keen to have some sort of financial back up to cope up future financial needs. This can be achieved through some kind of financial savings at regular intervals. Any investment in which individual contributes money on a regular basis in order to reach a financial goal of the life whether short or long term goals is usually termed as “Saving Plan”.
It is a human tendency that financial priorities change in different stages of life as and when events occur such as college education, getting job, married, having children etc. When you’re young you will save for your first car or an expensive watches or gadgets etc., gradually you might marry in your 30s and you will start saving for your kids’ education, as you move towards the late 40s and early 50s you will focus on your retirement planning. But to achieve any of these goals, you first need to start saving and choose one of the best saving plans that will cater to your needs in different stages.
Savings plan is one of the best ways to help you save for goal or take a more disciplined approach for your money savings. With market introducing hundreds of customized saving plans for customers, you can automatically transfer your savings amount in the account at regular periods (monthly, quarterly or yearly).
There are many financial companies who offer incentives to help your savings plan work better for you such as bonus interest for no withdrawals. You should always choose the right amount of money for you to regularly save money to set up savings plan.
To create one of the successful saving plans, you have to first understand your needs and financial goals, create a saving strategy and then invest your money in the market. You have to choose the type of funds based on your risk appetite and income. Talk to financial experts about the strategy and the way to make investment.
The first thing that you should start for investment would be setting up a budget.
• From small savings you can achieve the requisite amount to pay towards your premium. Jot down all your outgoing expenses like phone bills, rent, electricity bills, credit cards bills, and every day expenses like food, train or even daily cigarettes etc. Understand the ways you can save the money from.
•Make note of all your income streams including wages, investments, assets in hand like gold, property etc.
•Segregate all the essential and non-essential expenses and see what you can cut down or completely remove.
•Keep an eye on future projected expenses like marriage, kids and their needs, house on rent if required etc.
•Streamline your outgoing expenses and stick to it.
•Re-assess your budget regularly to reflect any changes to your financial situation.
Whenever you make a better plan and stick to your budget you will find some money left over at the end which you can push towards the premium costs of saving plans. Always keep in mind the tips offered by financial experts about the market current position and future projections. Never get panic or too emotional and make decisions. Start your saving plans early and if possibly invest in equity funds. Once you book profits more, you can allocate earnings to debt oriented funds so that you have a safe and secured corpus to attain financial goals in life.
Tags: Saving plans, Best Saving Plans, Best Savings plan