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Savings and investments are two critical instruments for growing wealth consistently, over time.
However, maintaining the balance between these two can get difficult for first-time investors who wish to make long-term investments and have liquid cash in hand at all times.
Investors often regard savings and investments as complementing one another. However, individuals who wish to save and invest must know the important differences between the two activities before starting their savings or investment journey:
An individual must have an emergency fund worth three-to-six months’ income so that they can access liquid funds during an unforeseen financial emergency.
Here is a stepwise procedure that individuals can follow to maintain the right balance between their savings and investments:
For the first step, individuals should identify a high-interest rate savings account and must prioritise accessibility while choosing it. IDFC FIRST Bank’s mobile banking app helps customers access all banking services 24/7 and also helps them start online investments in no time!
The next step involves preparing for emergencies. An individual must have an emergency fund worth three-to-six months’ income so that they can access liquid funds during an unforeseen financial emergency.
After building an emergency fund, an individual must fix their investment objective. An investment objective is the short or long-term goal towards which an individual’s investment is geared. It could be saving for an upcoming wedding in the family or planning for a vacation abroad. One must also assess one’s risk-taking capacity to shortlist investments that are better suited for them in the earlier stages. IDFC FIRST Bank’s online SIP calculator can help investors estimate their mutual fund returns on the date of maturity.
The fourth step involves investing consistently in the selected investment scheme. Investing through SIPs can help investors develop an investment discipline that can help them grow their returns considerably.
Finally, one must constantly reassess their investments to check if they continue to align with their investment objectives.
Using financial calculators such as IDFC FIRST Bank’s online SIP calculator can help individuals plan their investments and decide on the right investment amount and tenure, thereby helping them save more.
Disclaimer
*IDFC FIRST Bank offers Zero Fee Banking on ₹ 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account. These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.