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10 Rules to Become a Smart Saver

  • Highlights

  • 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:

1. Don’t stock up on credit cards

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.

2. Acquire debt carefully

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.

3. Monitor and manage your finances

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.

4. Invest in high-yielding schemes

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.

Best 3 Year Investment Ideas

5. Choose lenders wisely

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.

6. Keep a track of returns from investments

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.

7. Renew investments and re-invest

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.

8. Shop during sales and discounts

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.

9. Consider balance transfers to save on EMIs

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.

10. Restrict your ATM usage

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.

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.

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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