Money that you’ve saved acts as a cushion in case of an unforeseen event. Also, having some savings feels good and gives us a sense of security and peace. While you’re working hard to save money, it is also important to make the right banking and investing decisions. In doing so, why not learn how to stay away from making mistakes?So, here are some common mistakes that people make. Avoiding these can help you accumulate wealth and secure the financial future for yourself and your loved ones.
Mistake #1 – Not Opening a Savings Account
The top bank offers 6% interest rates which help your money grow. Further, the best savings account comes with several benefits:
- ₹1 crore air accident insurance cover
- Signature card to meet your individual needs
- ₹2 lakhs daily ATM withdrawal limit
- Free unlimited ATM transactions at any part of India
- 10% cash back on your 1st card payment at merchant transaction
These make a savings account a lucrative option along with ensuring customer satisfaction at each step. Do visit your nearest branch to know how to open a bank account today.
Mistake #2 –
Mistake #3 – Investing without Analysing Future Goals
Before saving money, it is vital to keep the economic indicators in mind. For example, possible rates of inflation in 2025 or shrinkage in the rupee value in recent times are significant factors. These should help you determine the amount you must channelize to the savings fund. Use a calculator to know how much money you would be accumulating at the end of the targeted year. This will provide a fair idea and help you plan accordingly.
Mistake #4 Not Clearing Debts on Time
It is important to clear off certain debts on time with maximum payment. These include:
- EMIs of education, car or business loans
- Credit card bills and
- Residential property mortgages
Otherwise, savings can take a backseat and you might not be able to manage money easily. Therefore, try to start on a clean slate which can reduce stress. Look for banks that offer the best interest on savings accounts to optimise returns. Plan your finances well to help navigate them smoothly.
Mistake #5 -Not Starting Early
One must know how to open a bank account in the early 20s and act on it as soon as possible. This is because the quicker you start, the more you save. In fact, one also begins to adopt healthy financial habits which tend to last a lifetime.
Besides these, try to buy insurance to protect assets, create a practical budget and have a savings plan. Rest assured, following these can help you save the desired amount.