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How to Fix Your Failing Budget With an IndusInd Bank Savings Account?
Posted on Tuesday, July 13th, 2021 | By IndusInd Bank
Setting up a monthly budget is one of the best things you can do for your financial health. A budget is a potent financial tool that can help you spend wisely, save for future goals, reduce inessential spending, and plan for emergencies.
A failing budget, however, can leave your finances in a mess. Stagnated savings, futile debt repayment efforts, accumulating debts, etc. indicate a broken budget. If you struggle to meet expenses every month, don’t be disheartened.
In this article, we give you some practical tips on how you can fix your failing budget with an IndusInd Bank savings account.
Prioritise Saving
If your budget regularly comes crashing down, you might be tempted to reduce monthly savings so you can meet your expenses. Don’t yield to this temptation; always prioritise savings. They help you in times of emergencies and achieve short-term goals. Moreover, you always need to have an emergency fund in place with typically three to nine months of your expenses.
So, how do you make sure you save each month? Open a savings account online at IndusInd Bank and set up an e-mandate to automate some part of the process. You will also earn a good interest rate of up to 5% on your deposits!
Set a Realistic Budget
Setting a budget helps you to pay for food, healthcare, insurance, debts, recreation, etc. without completely exhausting your balance. However, you might be setting unrealistic expectations.
If you see your budget collapsing, keep it simple. You can try different budgeting methods and choose what fits you best. Set goals according to your income. But, if you don’t want to worry about maintaining sufficient cash at all times, open a zero balance savings account at IndusInd Bank.
This way, you can start saving without worrying about maintaining a minimum balance. Moreover, you will get free RTGS/NEFT/UPI/NEFT transactions on net and mobile banking, using which you can track your budget.
Actively Track Your Spending
You must know your spending style before you can budget effectively. Being unaware of what the items that make up the most of your expenses is why many fail to budget properly.
Keep an account of your monthly expenses. Also, allocate a specific amount to your savings every month. Additionally, you need to curb your impulse purchase habits and instead spend your hard-earned money wisely.
With an IndusInd Bank savings account, you can track your transactions and balance on the go through net banking and mobile banking. Besides, you can view detailed account statements online to stay updated on your finances. In fact, we also offer WhatsApp banking to make it even easier for you to view transaction history and to keep an eye out on spending.
Get Your Budget on Track with an IndusInd Bank Savings Account
As life goes on, your priorities, expenses and income will keep on changing. So, you need to revisit your budget every once in a while. Actively organise your budget into three sections – savings, wants, and needs.
At IndusInd Bank, we offer different types of savings accounts to meet your unique requirements. With our savings account, you enjoy multiple benefits including WhatsApp transaction alerts, sweep FD facility, rewards on spending, and cashback and discounts on travel, entertainment, and shopping.
So, what’s stopping you? Open a savings account online at IndusInd Bank today and start building good financial habits.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
