I know, the title was enough for you to skip this article and scroll down to something more interesting from all the writings that are present on our website, right? But you must know, once you’re twenty, you must learn the ways of the world and one huge part of that is learning how to manage your finances. In today’s world, the economy is a constant worry and if you want to ensure a well-off life, then you must have knowledge of the best savings plan for you. Using this, you can keep saving up so that if you go through a cash crunch in the future, your savings account will come to your rescue!
Why Start Thinking About Savings Plans Now?
You must know why you should start thinking of savings plans before you start the process. You might think, you’re just in your twenties, you don’t have serious money goals, so why should you focus on saving up right now? Well, no matter your age, or your financial goals, you should look into the best savings plan for you because you never know when a financial crisis might come your way.
Now that you are aware of why you must start thinking of finances, you must be overwhelmed with all the savings plans, insurance plans, etc. coming your way! To make your work a bit easier, we have decided to come up with this article which will introduce you to the Protection and Savings Plans, introduced by ICICI Bank. These plans are actually life insurance plans that include the benefits of both a life insurance cover and also, an investment plan.
How Much Money Should You Save?
The short and precise answer is--as much as you can. You’ll find lots of articles and blogs telling you to save a specific percentage of your earnings for the future but the truth about investing is that you should start as soon as you can, and you should save as much as you can. Choosing the best savings plan for you at an early stage ensures that your savings build up over a long period of time, you enjoy a huge percentage of interest and you can finally cash out a big amount of money when you need some cash.
ICICI offers several different categories of protection and savings plans for your convenience. There are the traditional savings or money-back plans, there are retirement plans, there are unit-linked insurance plans, and there are term plans. If you are still having trouble deciding which one would be the best savings plan for you, check out the interest rates of the savings plans and use this financial planning calculator to find out the amount of money you would be getting from your investment at the end of the term.
Things To Keep In Mind Before Investing
Now that we have reached the end of our discussion on financial planning and investing in the best savings plan for you, here are five quick tips that you should remember before you start investing:
#1. Always make a financial map with your investment goal in mind
#2. Keep in mind the term of your investment policy
#3. Know how much money you can save up, given your monthly earnings and expenditure
#4. Speak to the bank, explore your options, and know the risks before investing
#5. Don’t start investing in too many savings plans or it will backfire on you
That's all from us today. We want you to know that although savings and investments sound really stressful, we hope that our article helped provide some guidance to you in this matter. If you liked it, do share it with your friends and spread the good word! For more content, check out the other articles on our website. We appreciate you taking some time out to read our articles, so thank you, and have a great day!
Disclaimer: This article is part of a featured content series