Empowering the women of today to grow their savings

Bajaj Finance Fixed Deposit: Empowering the women of today to grow their savings

Financial independence empowers an individual to live a fulfilling life. Therefore, it is of utmost importance to have your finances organised to feel confident you can have decent spending capacity and have a fall-back option in case of job loss or uncalled unfortunate incidences. Being financially independent can also help one have a direction in life and achieve goals seamlessly. Women across the world today stand shoulder to shoulder with men and are doing significantly better financially. However, just earning more isn’t enough to be financially well off. One must inculcate the habit of saving and investing, which leads to wealth generation.

Here are a few easy investment tips for women who aim to grow their savings.

1. Follow a budget rule

Following a budget rule is one of the most financially productive things. Many rules help in budgeting, but the 50-30-20 rule is a relatively simple rule that can apply to everyone irrespective of their income. The rule suggests that you can easily spend up to 50% of your income on basic needs and necessities like rent, food, utilities, etc. 30% of the payment on wants like regular purchases, things on your wish list, etc., and the last 20% should be stashed away as savings. 20% may seem less, but over time if invested in the right tool can accumulate into a sizeable chunk.

2. Invest in monthly savings schemes

If you can’t invest a lump sum in a…