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Looking for a Structured Savings Plan? Get 6 Tips on How to Save

Nov 18, 2019 | 8 months ago | Read Time: 3 minutes | By iKnowledge Team
6 Tips to Save for a Structured Savings Plan

Most of us have the plan to save an ample amount of money and build a huge corpus to meet financial commitments at various stages of life. But for this to happen you need a certain plan to be in place. For an effective money savings plan, you should think smartly and always look at the big picture. This is how you can achieve it:

  • Clarity of goal

Make a checklist of the financial goals that you want to achieve in your life. You may want to own a house by the time you turn 30. You may want to plan for your marriage expenses, childcare expenses, marriage of your kids, early retirement, etc. Have a structured goal for each stage. This will give you an idea of how much money you need to set aside every month. It is very important that you prepare this checklist as soon as you start earning. Young, earning members should follow financial discipline very seriously because it helps them in the long run.

  • Choice of investment

Gone are the days when bank deposits, pension schemes, and post office savings plans were the only investment options available to you. Today, you have a lot of exciting and profitable options to invest in. According to financial experts, the best saving plan is an ULIP (Unit-Linked Insurance Plan). This is a plan that gives you the dual benefit of insurance and investment. The premium that you pay towards the insurance policy is invested in equity, debt or a combination of both, based on your risk profile to give you good returns and financially secure your family, in the unfortunate event of your untimely death.

  • Automatic transfers

Set your salary account in such a way so that the money is automatically transferred from it to the investment account. In this case of a direct debit, you will not be tempted to hold back the money, as transfers are done automatically on a specified date. In case of manual transfers, you may get tempted to skip savings for one or more months, owing to other financial commitments.

  • Contingency fund is a must

Life is unpredictable; therefore, you must plan for contingencies/emergencies that you have encountered at a time when you least expect it. For example, you may have a sudden medical emergency in your family. It is better to set aside at least 5% of your monthly salary towards a contingency fund so that you can meet these expenses with confidence. Choose highly liquid investment choices (like bank deposits) for this purpose, because you might need quick cash.

  • Spend wisely

One of the first steps you should do to save regularly is to cut down your unnecessary expenses. Avoid swiping your credit card often as the interest rates on them are quite exorbitant. Always use cash or your debit card while shopping, so that you know exactly how much money is going off from your account as you keep spending. This will naturally instill a sense of financial discipline in you.

  • Consider part-time work

Having a clear goal will help you arrive at well-structured financial plans to meet the different commitments at each stage of your life. Your current job may not always fund your financial objectives. A part-time job can supplement your main income. Freelance writing, website designing, teaching, etc. are some good options that you can consider. If you need more clarity on this, you can search the internet to get multiple options to choose from. Choose the one that is close to your heart and get paid for it as well!

Having a clear goal and cutting down unnecessary expenses will help you to prepare a good, structured-savings plan.

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