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Start saving and investing smartly – Open your savings account online today!
key Takeaway
Financially smart individuals adopt consistent savings and investment habits like staying ‘cash broke’ and avoiding impulse spending.
- Automating SIPs, building financial skills, and creating multiple income streams are key to long-term financial success.
- An IDFC FIRST Bank savings account supports wealth growth with monthly interest payouts and zero-fee banking.
- IDFC FIRST Bank also offers unlimited ATM withdrawals and high interest rates to help you manage money smartly.
“Successful people are simply those with successful habits.” - Brian Tracy
Financially prudent people are not born that way. Over the years, they would have honed their skills and picked up habits that moulded them into their present self. Do you aspire to be in their shoes? Here is a list of 8 useful savings and investment habits of financially prudent people that you need to adopt today.
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1. Stay ‘cash broke’
Have you heard of the saying ‘money earns more money’? That's completely true. Not funnelling your money into investments or income-earning opportunities means forgoing its potential to earn. So, stay as cash broke as possible and don’t keep money lying idle. Once your essential expenses are met, deposit the extra cash into a Savings Account that will earn you returns in the form of interest.
2. Automate your savings
Set up automatic SIPs from your savings account for each month as soon as your paycheck arrives. A Savings Account with IDFC FIRST Bank will help you inculcate this useful financial habit as you can start multiple SIPs from one single account!
3. Learn financial skills
Learning new financial skills can help you stay on top of your game. Here are some that you should definitely consider:
· Budgeting
· Financial planning
· Accounting
· Tax planning
· How stock markets work
You can access free learning resources online or contact a professional.
4. Have multiple income streams
Having more than one Income Stream will relieve you from being dependent on a single source of income, ensuring a more secure future. Try to generate regular cashflow from avenues such as rental income from property, stock dividends, mutual fund returns, or even by launching a side hustle such as a small business.
5. Avoid short-term hacks
Don’t get lured by short-term investments or schemes that fail to result in any fruitful returns. Instead, keep a long-term horizon in mind and plan for the foreseeable future. Quick money-making avenues that promise instant returns usually don’t last long; they only waste your time and energy. Also, beware of fraudsters or schemes that seem too good to be true.
6. Use debt wisely
Taking on debt should be a calculated decision that substantially lowers your financial outgo and fulfils pressing needs. What's not wise is staying in debt forever. Financially prudent people try to reduce their debt obligations at the earliest. Try to become debt-free as soon as you have enough liquidity.
7. Avoid impulse shopping
Impulsive buying behaviour can quickly deplete your hard-earned money. Instead, plan your purchases in a manner that you end up saving money.
8. Plan for retirement
While retirement may seem a lifetime away, it is good money discipline to start saving for it right from the beginning of your career. Since most of us cannot rely on a regular source of income after retirement, it is better to invest money in avenues that generate good returns. A savings account with IDFC FIRST Bank helps you earn decent interest, credited into your account every month.
How can opening an IDFC FIRST Bank savings account help you grow your wealth?
An IDFC FIRST Bank Savings Account offers you a host of benefits that not only help you grow your funds over time but also enable you to manage your money efficiently. Here is what you get when you open a savings account with IDFC FIRST Bank:
- Competitive interest rates: An IDFC FIRST Bank Savings Account offers one of the highest savings account interest rates in the industry which can help you grow your savings and meet your long and short-term financial objectives with ease.
- Monthly interest payouts: This is a unique offering from IDFC FIRST Bank in contrast to the banking norm of quarterly interest payouts. With monthly interest payments, your funds experience the compounding effect more frequently, thereby growing your wealth faster.
- Zero-fee banking: While most savings account services come at a nominal cost, having zero fees lets you save extra in the long run. Banking services from IDFC FIRST Bank like online money transfers, debit card and DD issuance, chequebook re-issuance, SMS alerts, and more are completely free of charge.
- Unlimited ATM withdrawals: Most banks charge a fee after a certain number of transactions at ATMs. However, as a savings account holder with IDFC FIRST Bank, you enjoy unlimited free ATM cash withdrawals to enhance your savings and access funds conveniently.
- Advanced mobile banking: Enjoy seamless access to your bank account anywhere on the go with the IDFC FIRST Bank mobile app. The app offers numerous tools and features to make your account management easy and effortless. Get personalised investment recommendations, make digital payments (IMPS, RTGS, NEFT) with just a few taps and track your expenses as well as your spending habits with specialised tools. Its comprehensive dashboard lets you monitor all your bank accounts across various banks in one place via the ‘Connect All Banks’ feature. You also have the “Ace” feature on the app which offers detailed analytics, tools, and insights into over 2,500 mutual funds in India. This includes historical performance, holding patterns, and expert ratings, providing a comprehensive platform for mutual fund investments.
Conclusion
Financially prudent people don’t do vastly different things; they do the same things differently. They ensure that their financial habits support their long-term goals and keep their savings and investments aligned. Apart from adding to your wealth by generating interest at attractive market rates, an IDFC FIRST Bank Savings Account offers some great features such as monthly interest credits, free and unlimited ATM withdrawals, personal accident insurance coverage, and much more!
Get in touch with us and open a savings account with IDFC FIRST Bank today!
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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