Aditya Birla Sun Life Insurance Company Limited
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Whether you want to purchase an insurance plan, invest systematically, take an international vacation or even buy your own dream home, there is one common starting point for all these dreams and goals. That point is the practice of saving money. Every goal on your wishlist may cost you something, and to cross off each item on it, you need to have the budget for accommodating these expenses. But saving money - although it seems simple - can be quite a challenge to accomplish.
The key to successfully saving up the funds you need for your various goals is consistency. And a fair bit of discipline. There's no shortcut to help you cultivate the habit of saving more money each month. But fortunately, there are some hacks and tips that can help you get started and keep going.
That's just what we're going to be taking a look at in this article. But first, let's get down to the basics to understand why you need to save more money each month.
When your paycheck is credited to your account each month, it can be very tempting to use up all the money to meet your needs and fulfil your impulsive wishes. You may want to eat out at a fancy restaurant every other day, you may want to take a cab to work, or even buy those premium gadgets that you have been checking out for weeks.
While this definitely seems like a happy thought, it is not at all a smart idea to spend all your money carelessly. Here are the top 3 reasons you should save money.
Now that you know why it is important to save money, let's take a look at how to save money right from the time you earn your first paycheck. Here are 7 such saving hacks to help you begin your journey.
Then, there are those expenses that you can avoid, like that new piece of home decor you want to buy, or that movie you want to watch in the theatre this week. These are your discretionary spends - or your wants. Separate the needs from the wants, and ensure that you limit your non-essential expenses as much as you can. This way, you can save money consistently and without much trouble.
For instance, there is the 50-30-20 rule, where you spend 50% of your income on your needs, 30% on your wants, and 20% on your savings. So, if you earn Rs. 1 lakh per month, this is how the money will be redirected –
Another popular budgeting rule is the 20-4-10 car loan rule, which helps you specifically budget for the purchase of your new car. As per this rule, you need to pay 20% of the car's cost as down payment, take a 4-year loan, and spend up to 10% of monthly income on your loan EMIs.
Because of this, it can become tough to track how much you are spending. When you use the buy-now-pay -later system, you tend to overspend, because the money is not immediately debited from your account. This, in turn, interferes with how much money you save.
The easy alternative to avoid this issue is to pay via cash or debit cards, where the transaction is immediately reflected in your account balance. That way, you know exactly how much you can afford to spend.
This kind of life insurance also includes a savings component, as its name suggests. The savings component is paid out as the maturity benefit at the end of the policy term, if you survive this period. You can then make use of this payout to meet your long-term life goals.
A savings plan like the ABSLI Assured Income Plus helps you save money consistently and in a disciplined manner. The life cover acts as an added encouragement for you to save up for the future.
These money saving tips and hacks can help you get started with your savings journey right away. While it may not be possible to follow all these savings tips at one go, you can always start small and choose one or two hacks to incorporate into your regular financial routine. Then, month after month, you can pick up more savings habits and eventually have a solid savings plan in place.
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Get immediate income payout after 1 day of policy issuance^
Guaranteed# income
Life Cover across policy term
Lumpsum Benefit at policy maturity, in addition to Income
Get :
₹33.74 lakhs~
Pay: ₹10K/month for 10 years
Guaranteed returns after a month¹
ABSLI Nishchit Aayush is a non-linked non-participating individual savings life insurance plan (UIN No 109N137V12)
^ - Provided 0 year deferment & Annually in Advance payout frequency is chosen at the time of inception of the policy. Annually in Advance payout frequency is only available in "Annual" premium payment mode.
~Male- 25 yrs invests in ABSLI Nishchit Aayush Plan with Level Income + Lumpsum Benefit. He chooses premium payment term 10 yrs , policy term 40 years, benefit option -Long Term Income, Sum Assured 7 times of Annualized Premium and Deferment Period 0 years. Annualized Premium is ₹1,20,000 (Exclusive of GST.). Annual Income of ₹ 42,360 (42,360*40= 16,94,400) + Maturity Benefit (₹16,80,000)= ₹ 33,74,400
#Provided all due premiums are paid
ADV/5/22-23/252
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