Embrace Financial Independence by choosing the Best Savings Plan

Women in India today are fairly empowered. They know their worth, are aware of their potential, are fiercely ambitious, and believe that they are equal to men in every walk of life. A significant percentage of the workforce of our country comprises of women and these women seem to be waking up to the dawn of a new tomorrow. They know that the need for the new world is to be financially literate, and my recent visit to a Max Life Insurance session helped me understand just that.
Mr. Aalok Bhan, Director & Chief Marketing Officer, Max Life Insurance, helped me open my eyes and my mind towards the fact that financial prudence is not just a man’s job but equally a woman’s responsibility too. Having dreamt of providing the best education to my children, of buying a bigger house, or even that car to bring happiness to my family, it was imperative for me to understand how I could secure the future of my loved ones and my own self. As women, more often than not, we prioritize our families over ourselves and let our personal requirements take a backseat. One of the most important learnings from my session with Mr. Aalok was that ‘By securing ourselves, we secure the family too.

Sharing my very own experience of understanding the need to manage my own finances – I remember the time I was carefree and did not worry about savings particularly up until we planned to have a baby. At the time of deciding to extend our family, our major concern was to provide our child with proper amenities in life. But my pregnancy was not easy at all. It became extremely tough when after 6 months of maternity leave, my employer failed to facilitate my return to the workplace.
Managing the expense of a newborn baby, managing the expense of a house, and all the other expenses that came along on a single person’s income became very difficult. It was then that I began my journey as a blogger and started saving whatever little resources I could. It is then that I realized how saving money continuously could help steer one towards financial independence.
Here are some key takeaways from the session that will help you start saving and be ready for what life throws at you in the future.

1. What is your goal timeline?

To concentrate on achieving your goals, it is important to set realistic timelines and
manage your finances backward. To lead a happy and secure life, you need to realize when
would you want to reap your savings. For me, I realized the need for savings only after the birth of my child. Our goal was very clear: to provide everything to our child and meet his needs, both emotional and financial, as he grows up. The trick to saving better is to start early and exude financial wherewithal when choosing a savings plan for yourself.

2.What is your goal target?

Once you identify your goal and work out an indicative timeline, you need to identify the
monetary target or the sum of funds you’d like to have saved over the course of that time. In my case, I had a clear direction to steer towards my child’s future and fulfilling his needs. Thus, it was easier to set a target. It is essential to evaluate your current financial position while working out your goal target.

3.How much are you willing to save?

When you have a family to support, most of the money you earn often gets spent on basic
necessities. In order to ensure that I was going to meet my goals and at the same time maintain the lifestyle of my family, it is then that I started to save. Of course, meeting my goals was crucial, and that is why even after spending the required amount on my family’s needs, I was setting money aside to build my savings. Even while choosing a savings plan, it is essential to identify how much you can save after your spending. It is not necessary to always save a big chunk out of your earnings; you can always start small and build it slowly as time and your earnings progress.
It is never too late to begin saving or identifying a savings plan and choosing it. Having an attitude of leaving things to figure themselves out without putting an effort has to take a backseat for the better. If you are serious about achieving your financial goals, you must work towards them.

Max Life Insurance helped me decide what is best for not just my family & future but mine too. They helped me choose the best savings plan according to my goals and aspirations. Thus truly

#TurningTables for me! Now it’s your turn.

#YouAreTheDifference