Being financially independent is what all one hopes for. The sense of independence we receive from earning and saving money makes us economically responsible. When we decide to open a Bank Account for ourselves, we carve the way to financial freedom. Developing a sense of discipline to save our money than spending it recklessly also lets us achieve many of our dreams.
The first thing you should do when you turn 18 is Savings Account opening online to park your hard-earned money. There are several reasons to do so.
Wealth building does not happen in a day. It takes years of disciplined savings. It is easy to squander money, but if you hold a Savings Account, you can strive to save every rupee. This works like a new brick added to building your dream house. Also, remember that banks offer interest on the money parked in your account.
As your money grows, you can use it to invest in various financial instruments such as shares, Mutual Funds, Bonds, Equities etc., and build your corpus.
Choose a suitable account
You can choose from different accounts to park your savings. These include a Regular, Joint, Senior Citizen, Women, Minor, Salary, and Pradhan Mantri Jan Dhan Yojana Account. Each comes with its unique benefits and merits.
Maintain adequate savings
Life is highly unpredictable, as are the expenses that come with it. One moment you could be all healthy, in another, you may require some important treatment. You could be employed today and lose your job tomorrow. Such circumstances force us to examine our finances. In the absence of our savings, you may also require Loans, which need you to repay with interest rates.
If you have some savings parked away, you can sigh relief until your situation is resolved. Your savings can act as a savior and bail you out of emergencies.
Accumulate capital for investment
Inflation is real. The sum you save today can help in the long run. The only way to conquer this is to convert your savings into investments. But you require capital to begin your investment journey and make it count. Your Bank Account is the right platform to accumulate your investment capital. Regular savings create a significant capital amount. As such, this account is the ideal launch pad for all your future investments.
The best part is that savings are accessible anytime. Instead of stashing cash in your locker at home, it is better to leave them in your account for it to grow. With ATMs at every corner, you can access your account anytime, without worrying about visiting banks during peak hours or more. Moreover, most banks offer high daily cash withdrawal limits.