Inflation is at its peak and the war in Europe is impacting the prices of oil and other commodities. The kind of pressure the market is imposing on us is alarming. Though we can’t change the financial state of the market, we can definitely work on safeguarding our financial standing.
Saving is the task that will determine your financial stability in the future; there are some very simple steps you can take to give your savings a purpose. So, if you are looking to save some portion of your monthly income, this article will definitely give you some insights on the subject of savings.
Get a bank account
A place to slide the money before you go ahead and spend it all is always better.
Getting a bank account in 2022 is probably the easiest finance-related action that one could take. You can open a zero balance savings account from the convenience of your own home. All you need to do is key in some details such as Aadhaar and PAN and your account is ready.
A 0 balance savings account will not charge you for not maintaining any account balance. The account also has additional features such as a complimentary virtual debit card and the option to invest in FD or RD.
If you wish, you can also apply for a credit card. The credit card application process is simple, and the sanctioning of a credit card is not entirely dependent on your credit score; all you need is a fixed deposit account and the card will be issued against the FD account.
Get rid of unwanted subscriptions
Subscriptions have become part and parcel of our lives. But not all of them are useful, and if you look closely, you may not even use some of them. So, list all your subscriptions, both online and offline, figure out which ones you are not using any more, and just drop them. Instantly, you will save some portion of your salary and use it for other essential services.
Check your everyday shopping list
There are many items on your shopping list that can be replaced or even dropped. A dinner takeaway on some days could be replaced by a home-cooked meal; similarly, a juice bottle could be replaced by a bottle of water. Usually the last item on your shopping list is an afterthought and can be dropped. Refraining from making unwanted purchases will help you save more.
Finally
While following these simple steps will definitely help you save more, you can learn more about how to create a better financial plan for the future with Kotak 811.
