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To achieve financial independence one of the greatest tools is saving the money. For saving the money an individual does not have to be from the financial background, all that you need is good research about savings and know how important it is to do the savings. Always remember one thing, smaller savings today will result in the greater savings tomorrow. Saving and investing is not the same thing but definitely, you can yield returns like investment while you do saving. In this direction, one of the most efficient ways could be to start saving a part of your salary in a separate savings account, you can also call it contingency fund. You can decide how much money you want to save, you can park that much amount to a separate savings account. The contingency fund is a type of fund that is opened to meet the unforeseen expenses. The primary aim of this fund is that it gives individual financial stability and protects them financially in case emergencies. Here are a few more reasons which will make you believe why it is a great idea to save money in a separate savings account:-
What is a savings account? This is the most basic type of account which can be opened by any bank. The savings account helps you save money securely in a bank and it also helps in earning interest in return. This means that when you deposit the money in a savings account banks give you interest which typically ranges above 2.5%, the interest is deposited in the account of the account holder. Also, most of the banks also offer insurance coverage on the savings account.
Earn while you save- Now that you are aware that when you deposit money in a savings account, you earn interest in return. When you will put the funds in a separate account as an investment you will be yielding returns on it as well. Let’s understand with an example If you have decided to put Rs 15,000 every month in a separate account and you have saved the amount for 6 years and return rate which you are getting from the bank is 3.5%. After 6 years the total amount you would have saved is Rs 11,17,800, and Rs 37,800 is the amount of interest. Helps you finance major emergencies- Emergency of funds can appear at any point in time, as it comes as a surprise. When you have a separate savings fund, that amount can be used to meet those expenses. With funds in the savings account, you can withdraw the money any time you want, the facility is available 24*7. You can meet any financial needs like child’s education, a medical emergency with the money which is available in a separate savings account all the time. Funds available 24*7- If you consider investing your extra cash into another investment scheme, like liquid funds, undoubtedly you might be earning a higher interest but the withdrawal of those funds takes time. However, when the amount is saved in a savings account it can be withdrawn at any time using any method. An account holder can visit the bank branch or withdraw money from any ATM around the globe. The safest option- Savings account is considered as the safest option for years. The money which you have deposited is kept safe, once the money is deposited you should not worry about it because the banks are regulated by the government of India. Savings account also help you earn high returns even when the market is volatile. Easy accessibility- Now with technology taking over, it has become very easy to open the savings account. Now, the savings account can be opened while you are sitting on your couch. All you need to do is visit the website of the bank with whom you want to open the savings account. Now, you will not have to pay the fees also if a minimum balance is not maintained, as you can open the zero balance account.
Conclusion- There is no magic formula to make your investments. It is advised that you should take time and write down your financial goals when you have decided your financial goals then you should select a way through which you are going to save your money. In a market, there are various schemes available to invest the money but if you don’t want to lose money in the market and want to earn interest at the same time, then you should consider opening a separate savings account in which you deposit the amount every month and then don’t use that money to meet the expenses. Opening a separate account savings account will definitely help you manage your financial planning.
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