Work on your best saving plans for future security

Who doesn’t want to live a lavish lifestyle? Rich or poor everyone aspires to earn money and build a financial security blanket across themselves and their family to enjoy the zeniths of life. Markets are flooded with various investment schemes such as gold, funds, bonds and securities etc.  However, saving insurance plans has come as an easy breather for those for wish to cover their family as well as focus on extract returns from markets. Savings plan from insurance companies offer you with life cover and additionally helps you grow and develop a body of wealth through market linked investments. They help you save systematically and provide you different options to invest your savings in funds, on the basis of your risk appetite. The life cover promises the sum assured in case of the insured person sudden demise. The article guides on how to set up the best saving plans for building a secured financial future. To begin with your savings plan should start with drawing up a budget. Check out all your expenses so that you get better understanding on where to start your race from.

Money Outflow:

The first thing to figure out while creating the best saving plans would be outgoing expenses including phone bills, rent, electricity, credit cards and everyday expenses like food and train tickets.

Money Inflow:

Take a note of all your income streams including wages, investments, pensions or business streams

Asset in Hand

Keep a tab of asset in hand like gold, jewellery or liquid cash

Check essential & Non-Essential Expenses:

Take a look at outgoing expenses and see what possibly you can cut-down completely. If you have work out equipment at home do your gym there, if your office is nearby travel by public transport, pack your lunches instead of buying them everyday.

Chop a Budget:

Work for a budget for all your outgoing expenses and stick to it. If you have budgeted Rs 100 for food each week, make a note of all the money you are spending on food and don't go over it.

Revised Budget:

Keep revising your budget regularly to reflect any changes to your financial situation. 

These tips will surely help you to save some money at the end of each month. Divert this money to implement your savings plan by putting it into a high interest savings account or investing it.

Things to be careful of:

You can build best savings plan if you avoid burdening your current financial situation by over investments. Never stretch investments more than your income sources. Carefully assess your monetary requirements, based on which select the investment amount. Investing more than you can comfortably afford can lead to policy terminations or penalties to continue ahead. Most importantly you need to decide the investment tenure, whether you want a mid-term or a long term investment. Ensure that you produce the requisite returns from market based funds depending upon your goals set. It is advisable at young & early days invest into equity risk based funds and once you book profits move them towards debt funds to create safer future. Evaluate all the probable factors. While finalizing on the best saving plans keep in mind the inflationary factors so as to get your expected returns. For a secure and a comfortable life, it is crucial to have a saving insurance plan offering consumers the freedom to choose a plan suits them the most and not to market requirements.