Daily saving plans are the easiest way to financial stability. To know more on how you can start doing it on your own, check out this article!
Have you ever thought of investing somewhere? Like a company stock or a simple mutual fund?
But you just couldn’t do it because you didn’t have a big-fat-bank-balance? Well, you are not alone to face this confusion.
Many of us run away from investing because, firstly, it seems really risky and the thought of losing money is perhaps the worst nightmare.
Secondly, we don’t really know where to begin. Learning Saving effectively and Investing Smartly is imperative in this Financial Journey.
Especially when you are just a beginner, the heap of information- and misinformation- around us makes us sceptical of our own decisions.
No doubt, you may start to doubt your investing skills and the wait to get returns might start to seem longer than it actually is.
The biggest struggle is perhaps where to actually save. In your savings account? The returns aren’t that profitable. In a FD? The maturity period is too long! Keep in your locker?
Inflation might eat it all up. Juggling with these doubts when you finally decide the where part, the need to be consistent is the next hurdle!
Now that's where plans with auto saving and investment jump in to save your day. Such plans help you manage your money and direct it in the right direction.
Most importantly, they make it easy for you to maintain consistency and grow your portfolio.
In addition, daily saving and investment plans allow you to expand your financial products as per your budget.
If you are struggling with questions of when, where and how to begin your investment plan, stick with us to get all your doubts cleared.
Here’s how you can start saving daily and invest efficiently:
One thing to remember is that all strong financial portfolios are not the result of big bank balances but are the offspring of a consistent habit beginning with just a few thousands, or even hundreds.
1. Make use of Efficient Online Tools and Apps
The easiest way to kick start your savings journey is through simple online tools and apps.
There are a number of apps available online that help you to set up a small savings plan.
Take, for example, the Jar App - it assists you in saving a small sum daily and investing it in digital gold.
With just Rs. 10 as the starting amount, you can invest even your spare change and set up daily savings that will give you stable returns in the long run.
The most painless way to help you save is by rounding off your change to nearest 10s and putting it aside in ‘savings’- that’s what apps like Jar do.
Also, there are several apps that give you reminders for your due bills like those of credit cards so you don’t miss out on any payment and avoid accumulating debt on credit cards.
Therefore, instead of keeping your money in low-interest earning bank savings accounts, you can use these technological tools and make your savings and investment journey much easier.
2. Start an Automated Savings Plan
Another way to a hassle-free savings plan is to seek cooperation from your bank. You can ask your bank to deduct some amount from your account and transfer it in some other savings account every month.
This way, even when you aren't motivated enough to save, your bank will automatically do it on your behalf.
Plus, since this amount will be deducted every month, your spending habits would improve with the availability of a lower budget- making it easier for you to save more in future.
The amount that will be transferred to your high-earning bank account will fetch you some extra bucks through the roleplay of interest rates- helping you in the long run.
However, you should refrain from checking this savings account too often since a high sum in it can demotivate you into spending more without thinking about the consequences.
Just take a look at it once a month and refrain from using it for your daily expenditures. Needless to mention, this can gradually become a stolid emergency fund for backing up your finances on rainy days!
3. Look for some Cheaper substitutes of Daily-Use Goods
The key to smart saving is firstly establishing a control on your spendings. If you spend recklessly, there's no force on this earth that can prevent the ruin of your finances.
For a simple start, you can bring in some lifestyle changes. It can be like making your own coffee cup rather than taking a take out from Starbucks.
Or carrying your own healthy lunch to avoid spending on unhealthy outside food or simply taking some extra care of your health so that hospital bills can stay at bay!
Some other things can include sharing OTTs’ payments with your or carpooling to save on the hefty petrol!
These small actions can actually save you more than you expect. Plus, these habits aren’t that tough to adapt to, are they?
4. Use more of Cash to Pay to keep an Easy Track of your Daily Expenses
Well, this may seem odd but this trick actually works pretty well. Imagine that you went out to shop without cash and came across this item that you basically never need but is just too captivating for you to avoid.
Chances are, you would end up buying it since you don't have to check how much money you are carrying- one click and you will pay for it seamlessly.
In other instances, if you were planning to pay through cash, you will most likely think more- if that's actually something worth spending one? If it's not, you will not buy it and hence no reckless spending.
Therefore, in case you are also a reckless buyer, ensure that you think before you spend.
Avoid spending on something that will end up being nothing but part of the clutter in your house. It is no harm to follow a bit of minimalism if you find yourself struggling with bills and savings.
Now that you know how some baby steps can impact your portfolio in the long run, you better start saving and investing early. Never be reckless with your spare change- plan its expenditure.
One simple method for saving is that if you earn in thousands, spend your spare hundreds and save the thousands!
Here’s a small guide on What is Autosave and how to set it up on the Jar app?
Download the Jar App for more information on Simple and Effective Savings and Investment Plans.
Start your journey with just Rs. 10 and build a strong portfolio with Digital Gold. Round off your change and Invest it in Digital Gold- Join the Jar Fam today!