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How to Boost Your Savings with Guaranteed Results?

Guaranteed results involve savings options with a predetermined rate of return. They provide a fixed, guaranteed interest rate, ensuring steady and safe savings growth, free from market fluctuations.

  • 4,782 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

While you may not boost your savings overnight, highly effective strategies can significantly increase your savings with consistent effort and discipline. Saving money is a long-term commitment and requires discipline and perseverance. By setting realistic goals, exploring different guaranteed savings options, and staying committed to your savings plan, you can achieve financial stability and secure a brighter future.

Key Takeaways

  • Guaranteed results refer to savings options with a predetermined rate of return, offering a fixed and steady interest rate.
  • Multiple savings accounts, including a zero-balance account with competitive interest rates, help boost savings.
  • Traditional savings accounts, Certificates of Deposit (CDs), Money Market Accounts, and Fixed Annuities are suggested options for guaranteed savings.
  • One should Invest in a well-researched savings investment plan for considerable savings.
  • Strategies like improving banking habits, utilizing benefits, delaying unnecessary purchases, and effective negotiation contribute to financial resilience.

Saving and making the best use of your resources and income is a skill set that each person needs to have to have a smooth and balanced present and future.

Why Consider Saving?

Saving money is one of the best and most successful investment options to guarantee a secure financial future. But easier said than done. It becomes much more challenging to save, along with the monthly expenses and bills. Regardless of the income group, each person faces this challenge while trying to save money as they do not know how important it is and how unpredictable the future is.

The uncertainty of the future makes it all the more important to put aside a share of your monthly salary, as each bit matters. As you commit to your monthly expenses, you should also try to commit to your savings through money-saving plans, guaranteed savings insurance plans, and many more for the betterment of an individual and the family.

What are Guaranteed Results?

Guaranteed results refer to savings options that offer a predetermined rate of return. These options provide a fixed, guaranteed interest rate, ensuring that your savings will grow steadily. This means you do not have to worry about market fluctuations or potential losses. Your money is safe and steadily increasing over time.

How to Boost Savings with Guaranteed Results?

Some of the ways you can have safe investments with high returns in India and boost your savings are:

Improve Your Banking Habits

Saving is not a one-day process and cannot give you results overnight. But gradually, you can put in a little effort on your end that will make a difference and make you more comfortable with your finances. For instance, if you get an opportunity to grab a higher-paying job, but it is far away from your residence, choose an opportunity with a reasonable package close to your home. This way, you can save considerable travel costs and gas expenses. Instead, look for good investment opportunities and plans such as guaranteed savings insurance plans, saving investment plans, etc., that can reap great benefits.

Use Hidden Benefits to Reach Full Potential

It would be best if you took every perk that comes to you and asked for additional benefits that are available and accessible to you. Many employees refuse to take up the benefits provided by their employers, such as travel allowance, as they are not aware of the advantages they can redeem.

Employers often invest a considerable amount in these benefits and want their employees to use them to their full potential, be happy and productive, and maintain good health. Therefore, these benefits can help employees boost their savings if they take full advantage.

For instance, most companies provide their employees with health insurance and medical facilities, which can be a considerable advantage, as you can save thousands on medical expenses. Companies also provide pick-and-drop facilities, which can help you keep aside your traveling costs as savings. Many companies also look after providing you with meals during office hours, which can, in turn, regulate your unnecessary buys.

Delay Unnecessary Purchases and Learn Negotiation

The first and most integral step in saving is to control your unnecessary shopping spree, which takes away a massive sum of money. Instead, try to delay your expenses by a few weeks and only invest in commodities that are your vital requirements; by this, you can give time for your savings to grow. Another way to improve your savings is by stopping wasting money on unnecessary things that are not your requirement. Even buying junk items excessively due to anxious eating should be avoided as it breaks the chain of your savings and promotes an unhealthy lifestyle.

Another primary principle that can help you save money is learning how to negotiate and make smart purchase-related decisions. Always make sure you limit yourself and only choose things that are within your budget and will not hamper your monthly expenses and help you save a bit.

Open Multiple Savings Accounts

To substantiate your savings and emergency funds, you should open multiple savings accounts and invest in a guaranteed savings insurance plan that can significantly boost your savings. The first and foremost thing is to open a zero-balance bank account that doesn’t charge a maintenance fee and offers vast and competitive interest rates.

Another critical aspect that should be in mind is to ensure that you have enough money in your savings account at all times so that your bank does not incur any extra charges. Finally, make a wise, well-researched decision when you opt for a savings investment plan that is the most suitable for you and helps you reap huge savings.

Explore High-Interest Savings Accounts and Minimize Debt

If you are looking to boost your savings, consider opening a savings account with a higher interest rate to maximize the growth of your money. Online banks or credit unions often offer better interest rates than traditional brick-and-mortar banks. However, your savings can be drained if you are continuously in debt. Therefore, to minimize your debt, prioritize paying off high-interest debts to free up more money for savings.

Invest in Financial Education

Being financially educated is the key to success in the field of capital accommodation. You should continuously educate yourself on personal finance to make informed decisions. Always stay informed about investment opportunities, tax implications, and other financial matters. This will help you make smart decisions regarding your investments and will also save you from any fraudulent schemes in the future.

Exploring Different Guaranteed Savings Options

Knowing where you can save or invest your money for guaranteed savings with maximum profit is important. Some of the options for better savings are:

Traditional Savings Accounts

The good old savings account is a classic guaranteed savings option. With a monthly savings plan, your money is safe, easily accessible, and earns interest over time. While the interest rates may not be the highest, it offers a safe and reliable way to grow your savings.

Certificates of Deposit (CDs)

Certificates of Deposit (CDs) are another popular guaranteed savings option. With a CD, you agree to leave your money untouched for a specific period, known as the term. In return, you receive a higher interest rate than a regular savings account. CDs are great for those with a longer-term savings goal willing to lock in your money for a set period.

Money Market Accounts

Money market accounts combine the features of savings accounts and investment options. These accounts usually offer higher interest rates than regular savings accounts and allow limited check-writing and debit card access. Money market accounts are ideal for those seeking a balance between accessibility and higher returns.

Fixed Annuities

Fixed annuities are another guaranteed savings option worth considering. With a fixed annuity, you invest a lump sum of money and receive a guaranteed income stream in the future. This can be an attractive option for those looking to secure retirement or supplement their income.

Way Forward

The uncertainty of the future emphasizes the importance of regularly setting aside a portion of one’s income. To boost savings effectively, individuals can adopt strategies like improving banking habits, utilizing unused benefits, delaying unnecessary purchases, and mastering the art of negotiation. Opening multiple savings accounts, including a zero-balance account with competitive interest rates, and investing in suitable savings plans further substantiate financial resilience.

Each individual’s commitment to cultivating a strong savings habit and exploring these options contributes to personal financial stability and a more empowered and stress-free lifestyle.

- A Consumer Education Initiative series by Kotak Life

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