Sunday, June 2, 2013

How to Choose a Savings Plan?


Saving money with investment plans and achieving financial goals is not an easy task. Planning and designing a financial goal is entirely depends upon our regular income and expenses, savings strategy following, earning money from secondary income sources, timeline etc.

Before choosing a savings plans, you need to consider few following tips.There is few thousands of saving investment plans available and creating confusion as each plan is unique. Each saving plan has its own unique features and options.  

Select your savings plans based on following criteria.

  • Time period
  • Premium charge
  • Offered benefits
  • Your financial goal
  • Wise financial decisions

 

Time Period of Plan:


Decide a timeline for your investment savings plan. Generally each plan has its own time period to get into maturity. The timeline plays crucial role in achieving financial goal. Try to plan long term saving plan to meet desires and fin. goals.

Premium charges to be paid:


Premium charges and premium time period are regular major inputs of your chosen plan. The amount money is paying in the form of annual or regular, periodical charges are may alter your financial budget at home. Try to have to the minimum at with diversified investment sources.  1 to 3 times installments of premium charges payment mode is best option for all. If your monthly income is more than 20,000 Rs, one time premium per year is best option to avoid financial up and downs.

 

Offered benefits & features:


All plans have unique characteristics from each other. Few option or features like money back, life insurance, health insurance, loans, periodical withdraw, bonus, dividends, bank accounts, online payment transactions etc are few best among the available other benefits and features. These savings schemes can drags and hold the investor’s attention.

 

Financial goals and decisions:


Planning and designing the financial goal is plays a key role in your personal life financial security. Preparing a financial strategy for secured future life is somewhat easy with these following steps.

Think what is your fin goal to achieve after a age period.
Identifying a specific personal financial goal:
Ex: buying a luxury home at 40 years age or
Purchasing a new luxury car at 35 years age or
Becoming a millionaire at 45 years age etc…

Your goals should be realistic and more specific.
plan a clear time frame with well-designed action plans
Your goals plans should be based on your current financial position
After planning the wished goal, you have to design some activities to achieve your fin goal.

While designing your activities to achieve financial target, determine the benefits of achieving fin goals, obstacles to face, overcoming the  faced obstacles, your age, current future expenses,  income sources, available savings investment plans (include both long-term and short term plans in financial strategy designing) that are meeting your needs while moving towards goals etc…

Drawing a personal financial road map is very important in designing the fin plan. You have to mix both long-term and short-term investment savings plans to balance the future life needs as well to meet desired financial goals. For this you have to evaluate your comfort zone in taking on rising various trade and invest risks as every saving investment plan contain some degree of financial risks. 

Your strategy is indicates your financial decisions that are going to take. There are some factors can influence the course of decisions. Your living life style, balancing the expenses, chosen savings plans, investment schemes, rising debts, returns profits, designed goals timeline and your risk tolerance etc…


Always Stick with Your Plan. Review and Revise your activities and redesign your financial action plans and investment plans, do the changes if needed…

Plan your financial goal...
Design your financial action plan......
Decide a timeline period to reach target.........
Go ahead to Choose an investment savings plan............
Achieve your desires and goals also job that fits financial savings...............



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