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How to Effectively Manage your Savings Account?
Posted on Sunday, August 9th, 2020 | By IndusInd Bank
Savingmoney as kids seem quite fun; however, as you start earning, the fun element ofsaving gradually fades out. Almost everyone ends up spending a major chunk ofmoney in paying your bills, shopping, indulging in recreational activities. Whetheryou have just started working or have a stable income, saving money issomething that will always be helpful. All you need to do is open a savingsaccount, which has a lot of benefits. But a lot of people, find it difficult tomanagea savings account. Withno lock-in period, flexible and easy access to your account, you can withdrawmoney any time from your saving account. So, in this blog, we are going to discuss how to manage your savingsaccount for a secure future.
Develop the Habit of Saving
A tried andtested way to develop the habit of saving is by setting a goal and making it aroutine to deposit some amount of money every month. When you have a set goalin mind, you will be forced to deposit almost the same amount of money everyweek or every month. Avoid finding excuses to skip depositing money in yoursavings account. Even if you have some extra financial obligations to meet makesure you deposit a small amount in your savings account. If you develop apattern of saving early, it becomes easy for you to continue in the long run.
Start an Emergency Fund
Unexpected expenses can crop up anytime, which can interfere with your monthly budget and derail your savings goals. If you are the sole earning member of your family, managing expenses in such a situation becomes quite difficult. In such situations, an emergency fund can be of great help. When you start saving make sure you set aside an emergency fund that can help you meet your living expenses for three to six months. An emergency fund will help you meet expenses in case of an unexpected expense or in case you lose your job. However, use the fund only when you have an emergency.
Keep a Separate Savings Account
Before you open a savings account, it is advisable to research the interest rates that are offered by different banks. Opt for a bank that has high- interest savings accounts. IndusInd Bank, for instance, offers up to 6% interest rates on your savings, which is quite high as compared to other banks.
Increase the Allotment of Amount
If you want yoursavings to grow at a faster rate, it’s highly recommended to increase thesavings percentage with time. Saving 10% of your monthly salary every month isgood; however, once you develop the habit of saving, it’s advisable to increasethe amount gradually. When you try to save more, you also eliminate excessiveexpenditure, which will free up an additional amount of money and help you increaseyour savings.
Last Few Words
Having a savings account with sufficient funds is essential for your long-term financial goals. When you start saving early, you will not only have sufficient funds for an emergency but also have enough funds to go for your dream vacation or plan your wedding. If you are looking for a savings account that helps you save money and earn attractive rates of interest, get in touch with IndusInd Bank. Visit us to find out more about our savings accounts and their benefits
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
