In March 2009, India's gross savings rate was 36.41%, but it has since declined to 31.379% by March 2020, according to CEIC DATA.
The benefits of disciplined saving are many. Here are the three most compelling reasons to start saving now:
1. An emergency fund
“Life is unpredictable….kal kya hoga kisne jaana!”
Even in your absence, your family can remain financially secure with a good life insurance plan, such as a term policy. A life insurance policy is as important as an emergency fund.
2. Purchases
What Henry Wheeler Shaw said rings true even today—
Debt is like any other trap, easy enough to get into, but hard enough to get out of.
You should prepare a savings plan before making an unplanned purchase or borrowing money to buy an expensive asset -to live debt-free as far as possible.
If you want to achieve this, you can set aside small amounts at regular intervals and invest your money in guaranteed plans like Future Generali Money Back Super Plan that not only offer a guaranteed lump sum at maturity, but also offer guaranteed regular payouts that can provide cash flow and fund your purchases without taking out unnecessary debt.
3. Wealth Building
Investing regularly for a long term builds wealth because Rome wasn't built in a day!
ULIPs like Future Generali Dhan Vridhi, which are designed to provide long-term capital growth, can be invested as little as Rs 2000 monthly.
To read more visit :https://life.futuregenerali.in/life-insurance-made-simple/life-insurance/comprehensive-guide-on-insurance-riders
Are you looking for ways that help you in wealth building?
Then here your search completes.
The best Wealth Builder App will help you make the right choices and decisions that make you financially secure and safe.
And you know the saving circle is the best wealth-building tool that will help you in your savings and investments.
Read the blog you will get to know how you can manage your money.
A separate savings account should have only an emergency fund.
The rest of the money needs to be invested.
Please don’t keep the money idle when it has the potential to earn returns by using best mutual fund software.
Invest money based on goals can help with the habit of impulsive buying.
For more information visit @- https://www.redvisiontech.com/
While money may be vital for every aspect of life, making sure you have enough of it can be frustrating and difficult.
Between major bills and the day-to-day costs of living, we all have to do our best to manage our finances every single day.Trying to save money is a great way to get on top of things and if you can save money, then you have control of where you are spending it too.
Track Everything you SpendBefore you can start saving money, you need to know where it is going.
You can use an online budgeting tool or even a simple spreadsheet to track where it is all going and this lets you identify possible problem areas.This way, you will gain a true understanding of what you can and cannot afford which allows you to make better decisions on your spending later.
Take parking, for example, if your planner reveals you are spending too much on it then you need an alternative solution.
Pay-Off Smaller Debts FirstThis one is a little counterintuitive.
