Predicting Your Future Needs And Building Savings In The New Year

How about starting the new financial year on a smart financial note?

Yes, you can. All you need is a little advance planning. Let’s decode how to do that.

Predict future needs

Make a list of all the major expenses or financial obligations that you expect in the next year. Assess the corpus needed to fulfil them.

Cut down on unnecessary expenses

Review your monthly expenses. Try and reduce unnecessary spending like expenses on eating out, entertainment, etc. This would help you save more.

Start or step-up savings

Now that you know your needs, start saving for them. If you are saving regularly, step up the savings to create the desired funds.

Automate your savings

Start a SIP or a recurring deposit investment and link it with your savings account to save automatically at regular intervals.

Choose the right savings account

The right savings account can help you grow your wealth with attractive returns and offer liquidity for your needs.

Plan ahead and build your savings with IDFC FIRST Bank Savings Accounts. Get monthly interest credits and zero-fee banking on commonly used services.