Buy a Life Insurance Plan in a few clicks

Now you can buy life insurance plan online.

Kotak e-Term

Protect Your family’s financial future with Kotak e-Term. 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 insurance in one premium. Know more

Kotak e-Invest

Insurance and investment in one plan with Kotak e-Invest. Know more


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.

How Should I Allocate A Monthly Savings Plan For Long-Term Benefits?

It's not difficult to create a savings plan that's unique to you. Here is a checklist that you can use to help with the procedure. Read ahead to know how.

  • Jan 17, 2023

    Key takeaways

  • A money-saving plan is a road map for reaching your financial objectives, including retirement planning or emergency fund saving.
  • A reliable savings strategy can be developed using a realistic budget.
  • You can avoid spending money that might otherwise be designated for saving by automating deposits into savings or investment accounts.
  • You may track your progress and evaluate whether any revisions are required by routinely reviewing your savings plan.

Achieving both short and long-term financial goals, such as setting up an emergency fund, saving for a vacation, or setting away money for a down payment on a home, depends on saving money. Your personal savings rate may rise if you make a savings strategy.
It is never as simple to save money as just reduce expenditures. Depending on your objectives, it goes much further than that. Taking stock of the situation and becoming familiar with your investment strategy before you start saving is a great idea. List your aims to redistribute your money, and make sure to budget for each of these costs simultaneously. If your payment is ₹50,000 per month, for instance, you can save ₹8,000 each month. Put it into a money-saving plan, long-term investment, or FD. The remaining revenue should be transferred to satisfy your living expenses.

How To Create A Saving Plan?

Saving your hard-earned money has many benefits that cannot be overstated. Unquestionably, one of the best financial habits that anyone can adopt is saving money. Read ahead to know where you should allocate your monthly-savings plan.

Start With A Financial Inventory

Your beginning point for creating the best money-saving plan can be determined by understanding where you stand financially. A financial inventory, or simply a list of your liquid assets and obligations, is where you should start. Your net worth is determined by deducting all of your obligations from all of your assets.

Establish Your Savings Goals

Choosing goals for your money-saving plan, both short and long-term, is the next stage. Things you need to save money for in the near future are among your short-term ambitions. Long-term objectives don’t need immediate funding. College and retirement are only two examples. Long-term goals may require more money saved than short-term goals do, but you have more time to carry out your savings strategy.

Keep your financial goals S.M.A.R.T. when establishing your monthly savings plan.






For instance, you may establish a S.M.A.R.T. goal of saving ₹1,00,000 in 12 months rather than a general one like conserving money for emergencies. This objective is particular in that you have a certain monetary target in mind, and it is quantifiable in that you can monitor your development over time. As you’re allowing yourself 12 months to complete it, there is also a time component.

Decide How Much To Allocate To Each Goal

A savings strategy can only be successful if you are dedicated to it and have monthly funds available. You may already know how much additional cash you can save each month if you have a monthly budget. If you don’t have a regular budget, you must first total up your earnings and deduct your outgoing costs to determine how much you can actually afford to save.

Decide Where To Keep Your Savings

The location of the funds can be considered once your objectives are clear. The objective may influence the choice you make. For instance, your money must be accessible if you are saving for emergencies. You might also want to maximise the interest you receive on your savings simultaneously. Consequently, a high-yield savings account might be your best bet. Tax-advantaged and taxable accounts are options for retirement savings.

Maximize Your Savings Plan

Once you’ve established a savings strategy, look for ways to maximise it. Check your annual contribution restrictions, for instance, if you contribute to a 401(k) at work. Do you make enough contributions to qualify for the full employer match, if one is available? If not, speak with your benefits coordinator about raising your contributions.

By designating windfalls or unexpected sums of money that come your way for one or more of your goals, you may also make the most of your monthly savings plan.


A strong monthly savings plan enables you to prioritise your most important financial objectives and accomplish them in the time period of your choice. Every money-saving plan is unique based on your goals, the amount of time you have to save, and your ability to commit to saving. What are you waiting for now that you understand how to design the optimal savings strategy for long-term objectives? Follow these instructions to get closer to your life’s financial goals.

Download Brochure


  • 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


Download Brochure


  • Enhanced Protection Through Riders
  • Life Cover
  • Tax Savings
  • Multiple Premium Payment Terms
  • Guaranteed @ Loyalty Addion
  • Accrued Guaranteed @ Additions

Ref. No. KLI/22-23/E-BB/490


- A Consumer Education Initiative series by Kotak Life

Similar Articles

Income Tax Exemption for Disabled

Penalty For Late Filing TDS Return

इनकम टैक्स रिटर्न कैसे फाइल करें?

Should you prefer a Guaranteed Savings plan over monthly income schemes?

Budget 2019: Impact on the Common Man in India

Post Office Savings Scheme - All You Need to Know

How can I get Form 16B from traces?

Tax Saving Options other than Section 80C

How to create a savings plan and make good investment choices

Do Beneficiaries Pay Taxes on Life Insurance?

Tax Benefit of Investing in Term Plan

Problems People Face with Tax Returns after a Job Change

Invest in Tax-Free Bonds: Understanding the Benefits and Who can Invest?

Highlights of the Union Budget 2023-24

Section 80C Deductions as per Income Tax Act, 1961

How to Get Form 16?

Tax Saving Guide for 2019-20

9 Unusual Investments you Didn't Know for Saving Taxes in India

Why is Form 16 Important?

Types of Riders in Insurance Policy

Tax Saving for Self Employed in India

9 Income Tax Myths That Could Cost You Money while Filing returns

TDS rules on the sale of jointly owned property

Understanding Tax Exemptions in ULIP (Old and New)

How to save tax for salaried person?

How Inflation Affects Savings and Investment?

Top 8 Tax-Saving Methods in India- Budget Planning

आयकर रिटर्न (आईटीआर) फॉर्म के प्रकार

12 Tax Changes in Budget 2022 that May Impact Your Personal Financial Planning

ITR 2 Form – Complete Guide

What is Form 16B?

Basics of Guaranteed Savings Plan

How to File Income Tax Return - Everything You Need to Know

How to Save Tax on Salary Arrears?

Received an Income Tax Notice? Your Guide to Understanding Intimations under Section 143 (1)

Guaranteed Return Plans-Why is it a must for you?

What To Do If Your TDS Is Not Deposited With The Government?

Section 80D - Medical and Health Insurance Tax Benefits Under Section 80D

What is the Maximum Maturity Benefit in Assured Savings Plans?

When Should TDS be Deducted and Who is Liable to Deduct it?

What is capital gains tax, and how it works?

What are Deferred Savings Plans?

How to Check Income Tax Refund Status Online in India

Best Savings plan for the middle class in India

How to File Income Tax Return for First Time Tax Payers

Maximize Your Savings: Tax Tips for Salaries Above ₹20 Lakhs

Money Saving Tips for Single Women

How to Calculate returns on an assured savings plan?

Sub-sections Under Section 80C of the Income Tax Act, 1961

A Complete Guide for Filing ITR 3 Form

All you need to know About Tax on Inheritance

Section 44AD of Income Tax Act for AY 2021-22

Union Budget 2023: Impact on Life Insurance

How Much Money This Budget 2019 Can Help You Save

TDS Due Dates of FY 2022-23 For Return Filing

All about TDS Payment Online & Due Dates

Tips to plan your savings in 2022

What is Rule 132 of Income Tax? How Does it Affect You?

How To Save Tax Using Life Insurance?

How to Check Income Tax Returns Status Onine?

What is Form 16A?

Investing Lump Sum Amount

How to Boost Your Savings with Guaranteed Results

Difference Between Guaranteed and Assured Returns

E-Filing of Income Tax Returns in India

What is Section 195 of the Income Tax Act? TDS on Non-Residents of India

What is TDS Slab?

LTC Cash Voucher Scheme October 2020 – Everything You Need to Know

Investment Proofs You Need Submit To Lower TDS Cut From Your Salary

Importance of Savings Plan You Need to Know

What is EEE in income tax? 5 tax-free investment options to become crorepat

Is PF Withdrawal Taxable for NRI?

Tax Exemption and Scope of Coverage

How to Save Income Tax with Insurance

Tax Rate Chart for FY 2022-2023: What is TDS Slab?

What is Form 26AS - All You Need To Know

How to Download Form 16?

Saving Plans to Give Children a Debt-free College Education

Are Financial Planning and Tax Planning the Same Thing?

Income Tax Filing Using Multiple Form 16

Saving Income tax in 2017 - 18

Income Tax Benefits for Doctors

3 Tips to Buy Guaranteed Savings Plan

What is indirect tax and its types?

What is the TDS Rate on Salary?

Why PAN Card is Essential for Income Tax Filing?

How to File Form 10E for Tax Relief on Salary Arrears?

Tax Planning Tips for a Newly Married Couple

How can NRIs prevent double taxation in India?

How to Pay Advance Tax Online in India

What is Section 80C Deduction?

Section 10 (10d) of Income Tax Act, 1961 on Payouts of Life Insurance Policy

Things to Do After Filing Income Tax Returns

Tax-Free Income in India

All You Need To Know About Assured Savings Plan

All about TDS on Salary under Section 192 – Kotak Life

Financial Benefits and Government Schemes Every Woman in India Should Know

Union Budget 2023 and Tax Exemptions on Life Insurance Premium Over ₹5 Lakhs

How to File Income Tax Return without Form 16

What Investment Options Come with Tax Incentives?

Income Tax Deductions for Disabled Persons Under Section 80U

How to file Form 16 online?

What are Direct Taxes? How to Avoid being Overtaxed?

Tax Benefits of ULIP Plans Available for NRIs

Easy ways to make personal savings plans

Types of Income Tax Return (ITR) Forms

Form 16, Form 16A, and Form 16B?

How Do Assured Savings Plans Work and Why You Should Consider One?

ITR 1: Sahaj Form

What is TDS Refund Process?

Income Tax Exemption for Physically Handicapped Dependent

What is ITR 5 Form and How to File ITR 5?

Have You Considered Term Insurance a Part of Your Tax Planning?

Income Tax Deductions Under Section 80C

Tax-Savings Investments and Options in India

Income-Tax Liability- The Difference Between Gross Income & Total Income in Calculating Income Tax

What is HRA (House Rent Allowance) and How is HRA Exemption Calculated?

प्रत्यक्ष कर और अप्रत्यक्ष कर में क्या अंतर है?

Impact of GST on Life Insurance in India

How to File TDS Return?

भारत में महिलाओं के लिए सरकारी योजना

Plan your Daughter's Wedding With Best Monthly Savings Plan

How much gold can you keep at home? Limits and income tax rules explained

Pradhan Mantri Suraksha Bima Yojana

How to e-Verify your Income Tax Return

Can You Get Term Insurance Without Income Proof?

धारा 80डी आयकर अधिनियम, 1961

What is the Percentage of Tax Deducted at Source (TDS)?

Presumptive Taxation for Business and Profession

What is the Difference between Form 16 and Form 16A?

Income Tax Deduction Under Section 80CCC In India

Who Should Invest In Savings Plan

Income Tax Calculator: How Life Insurance Policies are Taxed? Explained

Tax Planning and Tax Benefits of Life Insurance

Why Tax Planning Should Be an All-year Round Activity

Insurance and Endowment: Everything You Need to Know!

Tax Benefits for Startups in India

What is the Last ITR Filing Date and Penalty for Late Filing of ITR?

What is Section 80C - Explained in Detail

A Guide to Life Insurance Policy’s Tax Benefits and Taxability

How to create wealth through a savings plan?

Financial Planning and Best investment options for Housewives

How to View 26AS and Download Form 26AS Online?

What is Section 80C Deduction Limit?

Everything You Need to Know About Tax Benefits of National Pension Scheme (NPS)

धारा 80सी आयकर अधिनियम, 1961

List of Important Income Tax FAQs

What is Tax Deduction at Source (TDS)?

Tax Deductions You MUST Know

What are the Different Types of Taxes in India?

What is ITR & How to File Income Tax Return?

Complete Savings Plan for Low Income Earners

Home Investment Plan to Buy Dream Home

Section 16 of the Income Tax Act (ITA), 1961

What Is Advance Tax and How Is It Calculated?

How to File Form 16 for Salaried Employees?

What is the difference between TDS and TCS?

How To Invest In Guaranteed Return Plans For Higher Returns And Financial Security?

Guide for Tax Calculation on your Salary

Income Tax Filing For NRI in India

How to File ITR Online

Challan 280 - How to Use Challan 280 to Pay Income Tax

Interest Imposed Under Sections 234A, 234B and 234C

आयकर स्लैब 2021-2022

How to e file ITR on Income Tax Government Portal

Personal Finance - Meaning, Importance, and Tips for Personal Finance

Difference between Section 80C, 80CCC, 80CCD & 80D

What is the Difference between Assessment Year (AY) and Financial Year (FY)?

What is a savings plan?

8 Things to Help You Select a Savings Investment plan

How to Claim a Tax Refund?

Tax Saving Tips: Best Ways to Save Income Tax for 2021

Difference Between Guaranteed Savings Plan and Guaranteed Income Plan

All You Need to Know About Section 80C

Save Income Tax by 31st March: Here Is a Checklist

52 Weeks Savings Plan: Daily Savings Plans for a Better Tomorrow

ITR-6: Guide to filing ITR-6 Form online

What is Section 10D of the Income Tax Act?

Income Tax Deductions & Exemptions under Sections 80C, 80D & 80DDB for FY 2021-22 & 2022-23

What is Section 80CCC of the Income Tax Act 1961

Understand ITR4 Form: How to Fill, Structure & Determine Your Eligibility

Section 80E: Tax Exemption on Interest on Education Loan

Tax Structure in India

सुकन्या समृद्धि योजना (SSY) के कर लाभ क्या हैं?

How to Check Income Tax Refund Status Online in India

Why January Is an Important Month for Saving Tax?

How To Save Tax Better with 80C

Section 80G of the Income Tax Act

Tax Season is Coming- Know How to Save Tax

How to View 26AS and Download Form 26AS Online

Tax Saving Options for Salaried Employees

What is the Difference Direct Tax and Indirect Tax

What is Salary Protection Insurance and Why You Need It

What is TDS Exemption Limit?

Should one prefer a guaranteed savings plan over monthly income schemes?

Income Tax Slabs and Rates in India for FY 2021-22/AY 2022-23

What is Tax Evasion and What Are The Penalties For Tax Evasion In India?

A Comprehensive Guide to Understand the ITR 7 Form

5 Popular Tax-Saving Schemes in India