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4 easy ways to save money for your retirement

We find many people who do not think seriously about saving money for their later life and assume they will have money or keep earning it. You need to remember that saving a few bucks now is always better than having nothing. Saving has become easier with the help of technology and investment awareness we have today.

However, saving is like dieting; we are aware of its importance, but implementing it is a more tedious task. Nobody will like to be dependent on other people in their retirement phase. So, savings play an essential role from your 30s. Today, you will find many investments options through which you can easily save a good amount for your retirement. Though, finding the right one is always a tough task. However, to make it easy for you, here are some four easy ways through which you can make things simpler for yourself.

  1. The National Pension scheme –

This is the one for the people who wish to save more for their future life. The national pension scheme is the best option. The government sponsors this. This scheme is tax efficient, flexible, liquid, low cost and handy to the saving account. For people who are working in unorganised structure, NPS helps them to save money for future.

  1. Invest in mutual funds through SIP –

Systematic Investment Plan (SIP) is an investment plan which is offered by various mutual fund companies. You can start your investment with a meagre amount of Rs 500. You can calculate the returns by making use of the sip calculator. This SIP calculator is handy and helps you in calculating the capital gained over your monthly SIP investment. This is one of the best ways to save enough corpus for your retirement.

  1. Cut down on your unnecessary expenditures –

Many a time it happens that, we end up spending a lot of money on unnecessary things. Sometimes we buy things in bulk, to save some extra money. However, this doesn’t work in a great way. In a way, we are making our loss. Make a habit of buying things which are needed to carry out your day-to-day activities.

  1. EPF and PPF –

Public provident fund and Employee provident fund, these are the two schemes that are essential for a person for post-retirement life. These are considered as the secured investment options. Even the returns are guaranteed up to 8 to 8.5%. If you start investing a small amount, it will give you high profits at the time of your retirement. EPF ensures people with growth during the maturity period. On the other hand, PPF helps people who are financially weak. Consider investing in these as they will help you save a lot of money for your retired life.

Consider these options if you are planning to save money for your retirement. This will be beneficial to you in all ways.

Post Author: Fathiyya Al Shaikh

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