We hear it time and again. Saving money and investing it is a good habit. The right investments can grow your money exponentially and help you achieve your long-term goals and aspirations.
Do you feel like this is easier said than done?
Don’t worry! Developing an investment mindset is not as difficult as you think. You do not need to be an expert right away, nor do you need huge sums of money. You can even start with amounts as low as Rs. 100, and you’ll be surprised by how much this grows over time. The key to investing is consistency and if you start investing regularly at an early age, you can build a sizeable corpus for the years ahead.
Besides, our innovative saving and investing methods can offer many other benefits apart from wealth creation. It can help you lose weight and improve your health! It can let you discover new destinations or a new passion that can lead to an alternative source of income.
Women have always been masters at how to save innovatively and hence, it is quite natural for them to be good at managing their investments too.
Here are 3 innovative examples of how to save and invest for the future.
1) Every little penny counts.
Janet Pinto, 24 years, and a first-time earner loves to travel. She says, “I’ve been saving since my college days. Even though I’m earning now, I still take public transport instead of cabs, and I walk short distances. The money I save from this gets invested in an SIP to fund my travel. The SIP is performing well so I can plan my trip earlier than expected. Not just that, walking has also helped me lose a lot of weight and I feel fitter.”
2) Turn a new passion into a new source of income.
Swati Bapat and her husband, both in their 30s, worked in high pressure jobs. As a result, they hardly had any time to cook and would constantly order in. “Lockdown forced us to cook at home. Bored of the same dal-chawal and sandwiches, we began experimenting with different types of cuisines. Eating at home was so economical and we realised how much money we were saving, so we’ve stopped ordering in. One day, I tried baking cakes, which turned out to be really well and now I’m getting many orders for it. I’m investing my savings made through this in a plan that gives me a guaranteed return. I will use this for a full-time cloud kitchen.”
3) Make the most of discounts and offers.
Seema Kapoor, 38 years is a high-profile event manager. As she deals with celebrities, her job demands that she dresses smartly and in high-end luxury brands. These cost more than her salary, but Seema has found a hack. “I only shop during sales, and I mix and match the same clothes with different accessories, so no one can tell the difference. I also keep a diary to ensure I don’t repeat my clothes with the same clients. This saves me a lot of money which I am investing in a retirement plan, for my future.”
As you can see investing does not require huge sacrifices. It can be done in baby steps. And the power of compounding will take you far. Spending Rs. 100 per week on coffee vs. investing it in an SIP. Buying a new phone with your Rs. 50,000 bonus vs. investing it in a ULIP.
If investing helps you accomplish a bigger dream or goal, isn’t it worthwhile?
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