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Debt acts as a barrier to your savings
Choose your lenders after proper research and analysis
Maximize wealth with smart investments
Invest in low-risk, high-yielding options, like FDs
Savings ensure financial security and act as a safety net in times of emergencies. By accumulating a sizeable amount of savings, you can attain your personal or financial goals easily. To help you save easier, smarter and more, follow these 10 simple rules:
Having a lot of credit cards gives you a higher spending limit, which could result in temptations of splurging. This leads to more credit card debt, which eats into your savings and income, making you unable to save enough money.
Also, keep a lookout on the credit limit you have and how much do you use. A very high unused credit limit will create issues with your credit score as well. You can ensure a good liquidity to buy big-ticket items if you plan a little in advance and create an investment corpus. Planning for events like wedding and education should not be done based on credit.
When taking a loan, it is important to consider your ability to make timely repayments, without affecting your financial plan. Smart debt management can help you build your credit score, while funding your personal and business requirements. Too many loans affect your credibility as well. Focus on creating wealth rather than paying off. Many options are available to create wealth, especially in the fixed income instruments arena.
Keep a thorough check on the money flowing in and out of your bank account, while updating your investment portfolio. This will help you decide where you are overspending and help you increase your savings. The thumb rule to follow, is to save before spending.
Managing finance includes budgeting and keeping a tab on outflow. To meet sudden one-time expenses and emergencies, a liquid and flexible investment like Bajaj Finance FD will be a great asset. A certain portion of your investment portfolio should be in fixed income instruments like FDs. They provide a suitable cushion against volatility of the rest of the portfolio which might be invested in risky assets.
These schemes may be short or long term but offer greater returns. However, with higher earnings comes higher risk. So, balance your portfolio every year and choose high-yielding and best saving plan to invest your savings in . You can then re-invest these earnings in a safe option like an FD providing stable returns.
Choose high yielding assets like company FDs which are flexible and offer 1-2% higher interest rates than bank FDs. You can easily grow your savings by 49%, and by 51% if you’re a senior citizen. These are one of the highest paying fixed income instruments in the market today.
Additional Read: Best 3-year Investment Plan
Before selecting a loan or even an investment option, study and analyse the lender properly. Make it a point to ensure that the lender’s interest rate, terms and customer service match your financial needs.
Apart from choosing lenders wisely, to aid your investment, choose a reliable investment partner like Bajaj Finance FD which is ranked by leading credit rating agencies. CRISIL’s FAAA/Stable rating and ICRA’s MAAA (stable) rating are one of the highest ratings which show that these FDs are as reliable as any bank FD.
Having a detailed account of the overall earnings from your investment helps you take decisive action based on performance. Then you may choose to continue with that investment option or shift to another one after carefully weighing risk with reward.
You can track your FDs with exact returns with an online FD calculator. You can check the various maturities as per different tenors and capital investments. This will help you know the amounts maturing at various points and you can plan your financial goals accordingly.
Investments expire after the lapse of the tenor. Hence, you should keep a track of the deadlines and accordingly take a decision on whether to renew an investment or whether to liquidate it.
You can easily make use of auto-renew option with Bajaj Finance FD which ensures you do not miss out on good interest rates. This provides a quick investment without any wastage of days. The more your capital stays invested, the more it can be compounded and more returns can be earned.
Additional Read: Best Investment Options in India
Plan majority of your shopping during sales. From online sales that usually happen twice a year where you can buy home appliances and electronics to clothing sales that offer branded products at as low as 70% off MRP, these sales can reduce your spending considerably. You may also take advantage of ordering groceries and household items on online grocery delivery platforms and make the best of their monthly sales too.
While looking for investments, you can look at special tenor rate with Bajaj Finance FD for 15-months which offers 0.05% more than the ROI of a 12-month FD.
If you have a home loan that has soaring EMIs that are getting too difficult to pay, you can always opt for a balance transfer. Similarly, if you are paying more than one unsecured debt such as a personal loan and vehicle loan, consider debt consolidation. These moves let you move to a lender that offers a more affordable interest, which decreases your EMI and helps you save more.
You can also keep short-term FDs in place to pay off debt. With 12 months as the minimum tenor, you can avail loan against FD as well. With long-term FDs you can create liquidity by seeking out loan against FDs with 60 months.
Create a target of the number of times that you will withdraw cash from an ATM, and stick it. Avoid withdrawing too as this leads to overspending. Recently, banks have also increased their transaction fee over ATM usage, so this way you can save on paying this unnecessary cost too.
Use your debit card instead to invest in a Bajaj Finance Fixed Deposit, which offers guaranteed returns. Investing in a FD with a debit card facility is available at select Bajaj Finance locations.
Saving is not as useful, as saving smartly is. Implementing these strategies will help you maximise your savings and make efficient use of all your financial resources.
Investing wisely with Bajaj Finance FDs will also help you pay off your debts on time. Choose the tenors as per your financial obligations. You can go for cumulative or non-cumulative FDs to help you determine various payouts and meet payments.
DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.
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