Savings up on your investments may seem like a challenge. After all, on a daily basis, you will be facing burgeoning inflation in addition to the steady increase of lifestyle aspirations amongst many other factors. All these factors will disrupt your means to accelerate your savings in order to attain your goal.
The best way to step up your investments is through a recurring deposit account. Here is how this termed deposit will help you double your investments in no time:
Automate your deposits: The statement, ‘well begun is half done’ is also applicable to your investments. Instead of waiting for a lump sum to conveniently accrue over months, you can prioritise your savings through a recurring deposit. Don’t worry if you have a hard time to commit to saving your funds. With this termed deposit, your can easily set aside the required amount of funds to meet your financial goal. In fact, you can easily automate the transfers with your bank, jut by giving standing instructions. Once this is set, you only need to stay alerted when the funds are being transferred and deposited.
Financially fast for a fixed period: This cathartic experience will guarantee a financial epiphany. So what does a financial fast entail? It involves spending a less as possible for a premeditated period. This period can include a week, month, or even a quarter. In fact, if you are determined enough, you can even make it for a year. But no matter the tenure, you need to have a start and end date, while truly coming yourself. Once the period of fasting is done, you need to take stock of your funds you’ve saved. This can include eating out less, choosing a less expensive movie theatre for your weekly outings, or even frequenting your favourite deli. Deposit your saved funds over time in the recurring deposit account which can be opened for this specific purpose.
Avoid getting caught up in the lifestyle creep: You may be tempted to opt for that fantastic deal you’re getting for that Bali vacation package. You may also be getting a great deal on your dream car, even though own a perfectly good and functional one. But in either way, you need not overleverage yourself to keep up the high life. Your priority should be your investment, which in this case is the recurring deposit with the access being used for your lifestyle indulgence. You’ll be relieved to realise that you have eliminated all possibilities of stress just by saving enough funds for a future loan repayment, or even a down payment.
Lower your fixed monthly costs: You will be surprised to know that you are most likely to overpay, through your routine expenditures just out of habit. A few simple steps will help eliminate this problem. For example, you can opt for a cheaper broadband connection, or even cancel a TV package that you never use. You can even contact your mobile telephone company as a request for better options that are in line with your usage. Once you’ve calculated the funds you have saved overall, you can reinvest this funds in the termed deposit.