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Regular and consistent savings are the key to a perfect portfolio. With digital gold, you can step up this game. To know more, read this article!
Thousands of saving tips and one thing remains constant- the importance of regularity.
When you save, you are supposed to save consistently-daily, weekly, monthly-depending on your financial goal and income level.
Neither it is a good idea to save too much and give up on your necessary expenditures, nor should you make saving an occasional task. For your small goals, for your big goals, for emergencies and for effective wealth-generating investments, savings are a must.
You can start saving by first tracking down your regular expenses. Whether you walk, take a cab or use public transport; whether you cook your own food or usually order from outside; whether you own a place to stay or have rented it; whether you shop often or usually thrive or thrift; etc- all these might make up some part of your spendings. There might be something more or something less- so make sure to create your personalised budget.
As you do so, the process of cutting down expenses becomes very easy.
When you finally start saving, or more like when you finally are able to recognise your spending pattern and start to cut down your expenses, the next thing to do is maintain a savings account. Start contributing a part of your income each month (say 10% to 20%) in that account.
You can try automating your savings so that even if you forget, your savings still remain on the right track.
Gradually, as you will start to build this savings habit, you can take a step ahead and set up a financial goal/plan and save as per that. This will further motivate you to keep saving.
Now that you have a goal and a good amount of savings at hand, why not bring a catalyst to achieve the goal faster and also cushion your money!
Yes, here comes the role of investments. From tackling inflation to sustain the value of your hard-earned money to helping you in actually creating wealth, investments, for sure, play a significant role.
Also, in the beginning, you can start with investment options and plans that are tax-deferred! You will save so much on tax while growing your money side-by-side.
You must be aware how important it is to avoid not just the unnecessary expenditure but also unnecessary debt.
Especially if you are a reluctant beginner and end up creating debt for yourself, the will to save might suffer. If you do not feel responsible enough towards your money, then do not take unnecessary loans, do not invest in a credit card & do not take sky-high risks- at least in the beginning.
Tip: Any burden that will end up being nothing but debt must be avoided. Take your time while inclining towards investment plans. Calculate risks, returns and rewards. Always ensure to have an insurance plan- health insurance being the most important one.
Now, where to save to save better and accumulate wealth? Ever heard of Digital Gold Savings? Time to step up your saving game!
Digital gold, as you may know, is a new and excellent way to save money on the daily.
Online platforms will offer you to start saving with a minimum of Rs. 10! Anyone can invest in digital gold and secure their portfolio.
Once the holding term gets over (generally between 5-7 years), you can either resell your gold or simply accept the home delivery depending on your wish.
Why should you consider saving in digital gold? Here’s why!
1. Excellent purity and an inexpensive start!
The best part about saving in digital gold is that you get to invest in 99.5% (24 carat) pure gold. Many platforms will let you trade in gold quantities as low as 1 gram!
That being said, if you are worrying about the high initial investment amounts, just know that you don’t need much.
With online apps offering you services for money as low as Rs. 10, your daily spare change is enough to help you buy gold digitally.
2. Trusted sources despite the lack of an official governing body
Even though there is an official government regulating body to check digital gold transactions, the sources have so far been nicely regulated.
The services are legit and the gold that you trade in is utterly pure.
Digital gold is becoming the first choice of new investors and therefore, the emergence of simpler and simpler online apps and tools is a blessing!
3. Backed by real physical gold- great source of collateral
As you may know by now, your digital gold is backed by real physical gold.
This guarantees your investment returns and gives you relief from the possibility of frauds. What else can it give you? An amazing source of collateral!
A majority of banks and financial institutions would willingly accept your digital gold investment as a secured collateral when approving your loan. So go ahead and buy some digital gold today!
4. Secured storage facilities
Once you buy digital gold, you often have two very clear options regarding where to keep it.
If you do not want to personally maintain it, most companies would let you keep it with them for the duration of a minimum 1 year to maximum 5-7 years. When either of these durations winds off, you have to either accept the home delivery or just simply sell you gold.
5. Easy to sell
Now when you finally decide to either willingly sell your gold or you are just simply in need of immediate money/cash, you can do so pretty easily.
You can sell your digital gold very easily anytime and anywhere! Plus, since the demand is always pretty high and also the price that you will sell on is almost never low, there is potential to earn some profit too.
Saving daily and that too in digital gold is the perfect formula to secure your money. Gold, in itself, is wealth. With digital gold, you get to have access to the purest gold and that too with mere spare changes. From serving as an excellent collateral to securing your savings, digital gold can be a major player in your initial investment journey!
Download the Jar app and start to save daily. Jar automatically detects your spare change when you pay online and then rounds off your money. By automatically investing the difference in digital gold, it ensures that your money flows in the right direction. Earn rewards daily and kick start your regular saving habit. Join the Jar app today!