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4 Ways To Save Like Your Parents

  • Highlights

  • Saving up to 40% of your income

  • Saving as soon as you receive your first salary

  • Selecting right investment options for your savings

  • Shopping during discounts and sales

Savings are indispensable when you need money to meet your personal goals, are faced with difficult times or when you want to finance your retirement. Your parents can be best people to learn from about savings, as they’ve achieved life’s goals while ensuring your education and comforts are taken care of.
Here’s a look at the savings tips from your parents’ generation that you can implement too.

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Save a sizeable amount of your income:

Thinking about spending first and saving later? Take cue from your parents and save first. Your parents ensured that at least 30% to 40% of their earnings went straight into the savings account, and you should too. Today, you can rely on money apps to track your expenses and stick to a budget. Make the most of these, and ensure that you sign up for SIPS or monthly recurring deposits to earn more.

Start saving early in your career:

Does marriage, having a child, and retirement seem to be in the distant future to you? You parents had less time than you do today to start planning for these major life events, but that doesn’t mean you can spend your salary in the first few years of work impulsively. Learn from them, and start putting some amount into safe schemes like a PPF account from the first year of work.

You can save more in the early stages of your career as you have less responsibilities and few dependents, if any, relying on you. This way you will be able to create a bigger corpus of funds for investment.

Make the most of your savings:

Learn to invest wisely from your parents, who ensured that their risk exposure was exactly as per their risk appetite. These days, in the rush to earn high returns without the need to monitor various investments, you may be tempted to put all your eggs into one basket. Your parents didn’t mind spending some time thinking of how to spread their risk, and you shouldn’t either.

Investing in a mix of options like Fixed Deposits, mutual funds and equity can help you grow your wealth. How much you invest in each is up to your personal preferences, but it important for you to create a diverse portfolio and track it every few months.

Additional Read : How To Choose The Best FD Plan in 2018

5 Reasons to invest in Fixed Deposits

Optimise your spending habits:

Curbing your spending helps you amplify your savings. Your parents did this by being organised about all their purchases. They shopped in bulk if it saved them money, they bought when seasonal offers reduced MRPs, and they didn’t buy without considering if they could make do without it. You can follow this mantra with more ease today by earning cashback when you use your mobile wallet, shopping online during the various sales happening year round, buying in EMIs rather than up-front payments, etc. Before clicking buy, pause and think if you really need something or whether you can postpone your purchase. This way, you’ll eliminate all your impulse buying that drains your bank account.
These 4 saving tips from your parents’ generation will hold you in good stead today, and you’ll soon see your wealth growing to give you financial independence sooner than you expected.

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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