Best proven money saving tips in 2024

In a dynamic financial landscape with increasing lifestyle demands and expenses, individuals especially the working professionals are seeking to follow some best practices to manage their personal finance and grow savings. What makes this endeavour challenging is, there is no single way to accelerate one’s savings today. For a steady of growth of savings, one must follow a combination of smart financial habits and tactics such as operating a digital savings account, which also offers monthly interest credits, like in the case of IDFC FIRST Bank Savings Account that can help improve his/her financial health.

Money-saving tips to follow in 2024 to grow one’s savings:
 

Here is a list of 7 tips that individuals can follow in 2024 to consistently increase their savings:

• Fix a monthly savings objective to help build savings

The first step involves noting down one’s savings goal. If the individual has already been preparing a monthly budget, it is easier for them to fix a clear savings goal. However, if they are not in the habit of budgeting, they must decide on a monthly savings goal by accounting for their other monthly expenses. The IDFC FIRST Bank mobile banking app helps individuals track their savings conveniently via the “track your expenses” feature. IDFC FIRST Bank customers can use this feature to determine their monthly savings amount.

• Opt for a digital savings account that offers beneficial features

The benefits of a digital savings account go way beyond the convenience of opening the account. Besides being able to open a bank account online, customers can benefit from monthly interest credits and unlimited, free ATM transactions. These features help the customer save a considerable amount through their digital savings account. Customers must also analyse the savings account interest rate before choosing a digital savings account. 

• Start monthly RDs to establish financial discipline

Once the individual has decided on an amount, they can open a recurring deposit every month for that amount, thereby helping them save their target amount monthly. IDFC FIRST Bank customers can open RDs instantly through the IDFC FIRST Bank mobile banking app and can also book instant fixed deposit (FD) accounts. Starting a monthly RD for one’s savings account is a very effective way to consistently meet one’s monthly savings objectives.

• Aim to lower the overall debt to increase savings

As mentioned earlier, consistently growing one’s savings is a result of a series of steps that an individual must follow on a monthly basis. One of these measures includes consistently reducing one’s debt. Clearing one’s debt should be an individual’s priority even from the point of view of increasing their savings since the savings will automatically increase when their EMI (equated monthly instalment) amount reduces. This is why it is important to focus on paying off the EMIs of high-interest loans to increase savings in the long run.

• Budget smartly by analysing previous expenses

An important habit that any individual who aims to save more must cultivate is that of budgeting every month. Digital savings accounts can help customers budget in a more convenient manner through their distinct, user-friendly features. The IDFC FIRST Bank mobile banking app, for instance, helps customers budget better by tracking their previous expenses and categorising them into multiple spending categories. This feature helps customers account for their previous expenses and also decide on a monthly savings amount for which they can invest in an RD.

• Make investments to help savings grow over time

The secret to sustaining one’s savings and growing them over time is to invest. Once the individual has decided on a monthly savings amount and has followed the other tips mentioned in this list, they must start investing their funds. Before investing an amount in any scheme – be it a mutual fund scheme or any other type of investment – the customer must clearly define their investment goals. Individuals must then use online return calculators such as IDFC FIRST Bank’s mutual fund SIP calculator to calculate their returns in advance. These online tools are free and can help customers plan their investments in advance.

• Automate recurring monthly expenses

Every working individual is aware of the recurring expenses that they must bear every month. These expenses include utilities-related expenses, payments towards rent, groceries, etc. Digital savings accounts help customers automate these monthly expenses through their mobile banking apps. IDFC FIRST Bank’s mobile banking app, for instance, offers the autopay option to help customers automate their recurring payments. In addition to this feature, the app also offers the one-swipe pay feature that helps customers make instant online transfers to their contacts.

Pro tip: Use financial calculators to analyse savings and investments
 

Banks host free, online financial calculators on their site to help customers plan their savings and investments. IDFC FIRST Bank, for instance, offers a fixed deposit calculator on its website to help customers calculate the value of their FD returns on the date of its maturity. Customers can also use mutual fund returns calculators to plan their mutual fund investments in advance. IDFC FIRST Bank hosts several financial calculators on its website that help customers plan their savings and investments in advance.

In conclusion, customers can follow the above-mentioned tips to consistently grow their savings. They must ensure that their debts are paid on time and must opt for a digital account with a bank that offers a high-quality mobile banking app. Furthermore, they must focus on a disciplined monthly budget and work towards a monthly savings objective in terms of their savings amount. Customers can then open a recurring deposit for this amount to meet their monthly savings goals. Finally, customers who wish to increase their savings must look for ways to automate their recurring monthly expenses. 
 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.