Kotak Assured Savings Plan
A plan that offer guaranteed returns and financial protection for your family.
Kotak Guaranteed Savings Plan
A plan that offers long term savings and insurance in one premium.
Kotak Lifetime Income Plan
Retirement years are the golden years of life.
Our representative will get in touch with you at the earliest.
Ref. No. KLI/22-23/E-BB/492
Ref. No. KLI/22-23/E-BB/490
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.
Personal savings plan comes with some of the below-mentioned vital features
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.
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.
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
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:
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.
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.
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.
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:
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.
Ref. No. KLI/22-23/E-BB/999
Ref. No. KLI/22-23/E-BB/490