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Savings Account

Top 10 money managing tips for family and how to use the benefits of Savings Account

Key Takeaways

  • Savings accounts help families increase their savings with high-interest rates and interest credits, promoting financial growth.
  • They facilitate better budget management by providing detailed monthly statements, helping families track and control their spending.
  • Savings accounts assist in managing debts effectively by keeping all family members aware of existing liabilities and repayment schedules.
  • They support the creation of emergency and sinking funds, ensuring families are prepared for unexpected expenses and planned future costs.
17 Mar 2023 by Team FinFIRST
Family saving money concept
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Teamwork can do wonders for any effort, including managing family finances. Family members must be aware of the situation - from savings and monthly budgets to debt - to help avoid financial pressure. 

Here are 10 such conversations to have with your family regularly.

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1. Do we have sufficient savings


Every family member should be aware of the savings available at their disposal. All expenses and purchases can then be made keeping this in mind.  

2. How to increase savings


Discuss the possibility of increasing savings as a unit. You can do this by identifying and eliminating unnecessary household costs. One of the benefits of IDFC FIRST Bank Savings Accounts is that it increases your savings with a high-interest rate and monthly interest credits, thus helping you grow your money on a month-on-month basis.

3. Are we managing debts well


Every member must be aware of the existing liabilities and how these are affecting finances, such as repayment pressure on the budget.

By managing your money smartly, you can manage your debts better. 

4. Are we following the budget


As a family, retrospect if the budget is being followed. Spending too much on online shopping? The budget will point it out. You can simplify budgeting via detailed monthly statements to help you identify overspending.

5. Does the budget need revision


Are regular healthcare costs in the family increasing due to ill health? Or have children's education expenses increased as they are getting older? It's time you revisit the monthly budget and make revisions if required.

6. Do we have a financial calendar


If you miss out on bill payment due dates and insurance premium payments, it might be because you do not have a financial calendar. You can schedule your bill payments through your IDFC FIRST Bank savings account and receive notifications whenever a bill is due.

7. Do we have an emergency fund


Discuss the need for an emergency fund with the family and save towards it. This protects your regular income and savings in the event of a financial emergency.

8. Do we have sinking funds


Rather than delving into savings for particular expenses, always save towards such expenses. A sinking fund for your travel plans, or your child's school admission, will help you meet expenses without denting the budget.

9. Are we planning for retirement


Investing your money towards retirement is important for maintaining your post-retirement lifestyle. It will also take away the pressure of parental care from your children and make you financially independent.

10. Are we adequately insured


The family must be adequately insured with sufficient health and life cover. You must periodically review the policies with advancing age and health conditions.

Grow at Every Step with IDFC FIRST Bank

With the IDFC FIRST Bank's high yield savings account and mobile banking app, you can view and manage upcoming spending and periodically review your cash flow. Combine it with the IDFC FIRST Bank  savings account and Minor's Savings Account, and all members of your family get the best-in-class benefits of Savings Accounts.

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.

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.idfcfirstbank.com for latest updates.

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