Savings is that treasure which helps everyone in the time of need. Well, in my terms, savings is not for buying big things it's all about fulfilling the needs at the time of crisis. It has a great importance in your financial life which maintains the emotions too. I am not a big financial advisor or some kind of broker who tells you how to save your money and where you can invest your money. It's all my personal financial plannings which I am sharing with you.
Open a recurring account: As we all have some policies which need to be paid on certain date or month. At that time it is difficult to arrange that figured money so to minimize this situation you can open a recurring deposit. Recurring deposit is like saving a small amount of money every month for certain period of time. This time can be 1 year or 2 and so on. I have few LICs whose premium falls in March, April, and November. To minimize the pressure of March and April as you all know about these months, I opened two RDs of 600/- with an interest rate of 6.25% and I have already set the Maturity date in March and April respectively. Through this small planning, I helped my husband and we both never feel overburdened in these months.
Involve children in saving: Children are great observer so to realize them the value of saving by involving them in savings. I have opened a PPF account of my son for his future. I can deposit the money via online but sometimes I take him personally to the bank and ask him to stand in the queue and fill in the slip and deposit the money. And, this money comes from his pocket money. I used to motivate him to save from his pocket money so that we can deposit it in the bank. Initially, he collected 500/- and we both went to the SBI bank to deposit this small amount. This small amount motivated him to save more so that he will get more interest.
National Saving Certificate: I know this is quite old but the thing is I feel secure and safe. I need not to worried about the market and all. I use to do 3000/- NSC every year and the maturity of this NSC is 6 years. This every year plan will make a chain of getting money 3k+ every year, once it completes the six years.
What About Old Age?
Pension Plans: There are many pension plans in the market but I have opted Pradhan Mantri Atal Pension Yojna. In this every month I need to pay 990/- and I will pay this till the age of 60 and after that, I will get the pension of 5000/- per month from the government. Through this plan, I am not too much dependent on my child.
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"This post is published for #OpenNTalk Blogger's League hosted by Dipika Singh of Gleefulblogger and
Ruchie Verma - Wigglingpen in association with SummerBarn, Vedantika Herbals, Nyassa, Explore Kids World."