Saving in Gold on Jar

Jar's Daily Savings feature will allow you to save daily to slowly build your funds that can help your dreams come true. Every small amount counts!

What is Jar’s “Daily Savings” feature?

Daily savings are the simplest way to build wealth effortlessly. By making it a part of your routine, you can develop a habit that many often overlook.

With just a little patience, you can start setting aside even the smallest amount without straining your monthly budget.

The key is consistency—just remembering to save daily. While it may feel tedious at first, this habit helps you accumulate money you never thought possible.

And if remembering to save is a challenge, the Jar app takes care of it for you. Jar is India’s first daily savings platform, acting as a digital piggy bank where every penny spent is a penny earned.

It ensures security while offering attractive returns, seamless saving, instant withdrawals, and even the option to convert savings into physical gold.

Isn’t that an exciting way to kick-start your investment journey?

How does the “Save Money” feature of the Jar App work?

Set A Daily Saving Amount: Digital gold is safe and secure. So, you do not have to concern yourself with its safekeeping.

No Minimum Amount: The size of the investment is quite convenient. There is no minimum amount you must invest. You can buy digital gold worth as low as ₹10.

Automate Your Savings: Connect your account, and the Jar app will do the rest!

Watch Your Progress: View your accrued savings on the MyJar app.

Benefits of Saving Daily

Safe and Secure: Digital gold is safe and secure. So, you do not have to concern yourself with its safekeeping.

No Minimum Amount: The size of the investment is quite convenient. There is no minimum amount you must invest. You can buy digital gold worth as low as ₹10.

Build a Saving Habit: A little saved each day leads to a good nest over time.

Be Prepared for Emergencies: Create a financial cushion to use in emergencies.

Dream Big: Save up for the future, be it a big purchase or vacation.

Pause or Withdraw Anytime: Once you start investing, you can choose to pause or withdraw your savings at any point in time from anywhere. You can also choose to convert your savings into physical gold.a financial cushion to use in emergencies.

Why choose Jar's “Daily Savings” feature?

Simple & Easy: Save a little daily to build your savings over time.

Customisable: Change your daily savings amount at any time.

Stress-Free Saving: Set your goals and forget all the hassle. Let the Jar app do it for you.

Safe and Secure: Your money is safe with us because of advanced encryption. So save daily, stress-free a little daily to build your savings over time.

How to start saving in India?

In today’s fast-paced world, saving money is more crucial than ever. It's not just about putting away money for the future, but also ensuring that your day-to-day spending doesn’t get in the way of achieving your dreams and goals. A well-thought-out savings plan can allow you to maintain or even improve your standard of living while safeguarding your financial future. Whether it's buying a new home, securing a comfortable retirement, or traveling the world, save money to make those aspirations a reality.

In this guide, we’ll explore two critical aspects of saving money: goal-based savings and lifestyle saving strategies. Let’s dive into these approaches, focusing on how you can save money daily, weekly, or monthly, and invest in ways that will benefit you in the long term.

1. Goal-Based Savings: When you save money with a clear purpose in mind, you’re more likely to stick with it. Goal-based savings can be broken down into short-term and long-term goals.

Short-Term Goals

Short-term goals typically involve immediate needs or wants that can be achieved within a year or two. These goals require careful planning and budgeting, as they’re usually higher priority for most people.

Upskilling and Education: Whether it's for a new certification, a professional development course, or an advanced degree, investing in yourself can lead to better job opportunities and career growth.

Leisure and Travel: Everyone needs a break from time to time. Saving for a vacation or leisure trip can be rewarding and refreshing.

Big Purchases: This could include buying a new car, home renovation, a new phone, or electronics. These purchases often require significant financial preparation.

Emergencies & Health: Setting aside money for emergencies, including medical expenses, is a crucial part of any savings plan. It provides a safety net for unforeseen situations.

Celebrations: Life is about celebrating milestones like birthdays, anniversaries, or any major life event. Save money for such occasions ensures you can enjoy them stress-free.

Long-Term Goals: Long-term goals usually involve significant life events that may take years to plan for. These require a more committed and strategic approach to saving money.

Education: Saving money for education, such as your children's tuition fees, or your own higher education like an MBA or PhD, can be an essential investment for the future.

Asset Building: This could be saving money for buying a home, purchasing land, or investing in stocks, gold, or bonds. Asset building is an essential part of creating long-term financial security

Big Occasions: Big life events such as marriage, having a child, or retirement require a substantial amount of savings. Planning for these milestones early on ensures you’re financially prepared.

2. Saving Strategies and Lifestyle Changes

Once you have set your financial goals, it’s time to implement strategies that will help you save money consistently. There are various methods to save money, whether through budgeting, investing, or finding ways to cut costs.

Budgeting:Budgeting is one of the easiest and most effective ways to manage your finances. The 50/30/20 rule is a popular strategy for creating a balanced budget:

50% of your income goes towards needs (housing, utilities, groceries).
30% goes towards wants (entertainment, dining out, etc.).
20% is for savings and debt repayment.

You can also explore budgeting apps that will help you keep track of your spending and savings. There are many free budgeting apps that can assist you in managing money, such as Mint, YNAB (You Need A Budget), and PocketGuard.

Investment-Based Savings: Investing is an excellent way to grow your wealth over time. You can save money through various investment vehicles:

SIP (Systematic Investment Plan): A regular, disciplined approach to investing in mutual funds. SIP allows you to start with small amounts, making it accessible for everyone.

Gold Savings: Investing in gold, whether in physical form or through digital gold, is a great way to hedge against inflation and diversify your portfolio. You can explore gold saving apps like Jar to start your saving journey in gold.

Stocks and Bonds: Investing in stocks or bonds offers higher returns, but also comes with higher risk. It's important to do your research and consult a financial advisor.

Tax Savings: Tax-saving investments not only help you reduce your taxable income but also contribute to building your savings. Instruments such as ELSS (Equity-Linked Savings Schemes), PPF (Public Provident Fund), and NPS (National Pension System) allow you to save money while investing for your future.

3. Easy Ways to Save Money Daily

Saving doesn’t always have to be about big investments or financial goals. Small, daily habits can add up over time.

Save Money on Groceries: Planning meals, buying in bulk, and using coupons can significantly reduce your grocery bills. Apps like GrocerEase or BigBasket offer discounts and allow you to track your spending.

Save on Electricity: Being mindful of your energy consumption at home can reduce electricity bills. Switch to energy-efficient appliances and turn off lights when not in use.

Cook at Home: Instead of dining out, cooking at home can save you a substantial amount of money over time. Try planning your meals for the week and sticking to your grocery list.

4. How Much Should You Save for Major Life Goals?

Saving for major life goals such as buying a house, retirement, or an emergency fund requires careful planning and consistent effort.

How Much to Save for a House: If you're wondering how to save money to buy a house, start by setting a realistic goal for your down payment. Typically, you’ll need to save money for at least 20% of the house price. To make this easier, consider opening a savings account with a higher interest rate, or look into investment saving methods like mutual funds or bonds that can offer higher returns.

Retirement Savings: When it comes to retirement, the question is often, how much money will I need to retire comfortably? A general rule of thumb is that you should aim to save 15% of your income for retirement. If you're aiming for a comfortable retirement, saving 20-30% of your income is ideal. Consider setting up a monthly saving scheme or retirement account that automatically deducts a portion of your income each month.

Emergency Fund: It’s essential to have a safety net. The common recommendation is to save 3-6 months' worth of expenses in an emergency fund. This ensures you're covered for unexpected situations such as medical emergencies, job loss, or urgent home repairs.

5. Best Apps and Tools to Help You Save Money

In the digital age, there are numerous apps designed to help you save money and manage your budget effectively. Some of the best apps for managing money include:

Jar: Offers saving in gold in lumpsum or with an autopay that you can set for daily, weekly or monthly savings.

Mint: Offers budgeting tools and tracks all your expenses in one place.

PocketGuard: Helps you track your spending and provides suggestions on how to save.

Mint: Offers budgeting tools and tracks all your expenses in one place.

Digit: Automatically saves money by analyzing your spending habits.