Close
Close

Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak Guaranteed Fortune Builder

A plan that offers guaranteed income for your future goals. Know more

Kotak e-Term

Protect your family's financial future. Know more

Kotak Assured Savings Plan

A plan that offer guaranteed returns and financial protection for your family. Know more

Kotak Guaranteed Savings Plan

A plan that offers long term savings and life cover. Know more

Kotak e-Invest

Insurance and Investment in one plan. Know more

Kotak Lifetime Income Plan

Retirement years are the golden years of life. Know more

Close

Get a Call

Enter your contact details below and we will get in touch with you at the earliest.

  • Select your Query

Thank you

Our representative will get in touch with you at the earliest.

Easy ways to make personal savings plans

Savings Investment Plan - It's challenging to save money. Know the value of saving money and being aware of the best methods to do so for the future of you and your family.

  • Jun 08, 2023
  • 2,291 Views
Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

    Key takeaways

    Personal savings plan comes with some of the below-mentioned vital features

  • Initiate a financial inventory
  • Understand and set up your goals
  • Make a strategy for allocation to each goal
  • Decide where to put your savings
  • Use your savings plan to reach the highest potential

Saving money is a rudimentary factor in keeping up with your current and future goals. It can help you build ample resources for your future medical emergencies, vacation plans, and educational requirements and put aside a fair share of money to pay a down payment for a home or a car. Creating a well-developed and researched savings plan can help you save a share of your income and reach your financial goals sooner.

What is an excellent personal savings plan?

An excellent personal savings plan is a blueprint for our financial goals. It needs to be created with a realistic and practical budget to help you develop a consistent and steady savings plan. Economizing deposits into money-saving plans and long-term savings plans will help you avoid overspending. Keep reviewing your savings plan regularly to measure your advancement and decide whether any adjustments are required.

Goals of Personal Savings Plan

A savings investment plan is a strategy for gathering money to attain specific financial goals. Each individual has specific financial goals, and strategies are different for each to meet their end goal steadily.

Such goals may include

  • Emergency medical requirements
  • Forthcoming vacations
  • Funds for wedding arrangements
  • Down payment for home and vehicles
  • Education and fee-related prerequisite
  • Retirement protection savings

Easy strategies to create a personal savings plan

Different income backgrounds require different strategies and a personalized step-by-step guide for long-term savings plans investment.

Below are the steps to make the process easier:

Initiate a financial inventory

The first and foremost step is to determine where you stand and understand the initial point for shaping a savings investment plan. For that, you need to create an inventory of financial aids that includes liquid assets and liabilities.

The assets depository comprises your cash, savings, money market and checking account, Certificate of deposit, and retirement plans. It also includes your brokerage and health savings accounts, which can quickly convert to cash. You can also use less liquid assets such as your residential apartment or automobile. When excluded from your total assets, liabilities give you your net worth. Some examples of liabilities are education loans, car loans, mortgages, personal bills, Medical expenses, etc.

Understand and set up your goals

The following integral step is to determine your goals, whether they are short-term goals or long-term goals, to include in your money-savings plan.

Short-term goals can be defined as those for who you require money shortly, for example, uncertain medical expenses and times of tragedy. On the other hand, Long term goals can be defined as those that don’t require immediate liquid cash but some things that require proper attention in future, such as retirement protection.

Your goals need to be feasible and realistic and should revolve around a S.M.A.R.T. strategy that is Specific, Measurable, Achievable, Realistic and Time-bound.

Make a strategy for allocation to each goal

It would help if you were committed to your goals while investing in a long-term savings plan. A money-savings plan can only be successful when you diligently follow the proper steps and budget your expenses and save each month. It would be best if you determined the importance of each goal, decided which is a priority, and allocated your savings and resources to it with a well-thought approach.

Decide where to put your savings

When you have clarity with your goals, the next step is to consider your investment strategies and know which money-savings plan will give you the maximum benefits. Focus on maximizing your savings plan and utilizing it to its full potential. Your long-term savings plan includes some of the below-mentioned options:

  • Savings account
  • Money market accounts
  • Tax benefited accounts
  • Taxable investment accounts

Conclusion

Concluding, it is necessary for each individual from any income bracket to understand their financial goals before investing in a long-term savings plan. Also, another critical aspect that one needs to keep in mind is that one should adopt the most uncomplicated strategy and follow it with commitment. Understand your financial goal, create a plan, and start investing wisely.

Kotak Guaranteed Fortune Builder

Download Brochure

Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.

  • Guaranteed@ Income Benefit for upto 25 years
  • Flexibility to choose income period
  • Premium break for females on child birth or any listed specific illnesses
  • Life cover for the premium payment period
  • Enhance your life cover with rider offerings

ARN. No. KLI/23-24/E-BB/1201

T&C

Download Brochure

Features

  • Increasing Life Cover*
  • Guaranteed^ Maturity Benefits
  • Enhanced Protection Through Riders
  • Tax Benefits
  • Dual Benefits: Guaranteed^Maturity + Death benefits

Ref. No. KLI/22-23/E-BB/999

T&C

- A Consumer Education Initiative series by Kotak Life

Kotak Guaranteed Fortune Builder Kotak Guaranteed Fortune Builder

Kotak Guaranteed Fortune Builder

Guaranteed Income for bright financial future

Invest Now
Kotak Assured Savings Plan Kotak Assured Savings Plan

Kotak Assured Savings Plan

Guaranteed Lumpsum returns for achieving life goals

Invest Now
Kotak Guaranteed Savings Plan Kotak Guaranteed Savings Plan

Kotak Guaranteed Savings Plan

Achieve your long-term goals and get life cover

Invest Now