A savings account is an ideal option for all our long-term and short-term goals. This article is a quick start guide on saving. It can also serve as a reminder for those who know all about savings but need a refresher. All of us have been instructed on the importance of saving, and it is actually important to save for a goal or for tough times.
Five quick tips on savings
1. Set a goal
It doesn't matter if it is big or small, it is still important to have a savings goal.
2. Create a budget
Budgeting will help you find out how much you have to save each month. It also helps you control your spending.
3. Earn extra cash
There are many areas where you can save some extra cash. Order less, cook more. Cancel any unwanted subscriptions and memberships. Switch to online banking and avoid account maintenance fees. Apply for a Kotak811 digital savings bank account.
4. Start saving
It takes time to save for your goals, but don’t be discouraged. Start saving on a monthly basis. Try to set aside a minimum of 20% of your income every month in a savings account.
Kotak811 offers Zero Balance Account Opening Online within minutes.
5. Make savings a priority
Savings should be a priority as it takes time to save for your goals. So, make it a habit to save before you spend. When you get your paycheck, save first and then do anything else.
A busy lifestyle and expenses can make it hard to save money. However, a savings fund will serve to keep you out of any financial stress.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.