How to Set Financial Goals and Save money with a Women’s Savings Account

Posted on Monday, May 8th, 2023 | By IndusInd Bank

A women’s savings account can genuinely help women set goals and save money. You must choose the right women’s savings account, followed by allocating a budget for various expenses, making investments, and saving money for emergencies. Choose Indus Diva women’s savings account to maximise your savings and enjoy benefits across categories.

As more and more women gain financial independence, they must also learn to handle their finances in a way that their existing needs and future aspirations are fulfilled with ease. Financial knowledge and planning are hence critical to saving and investing for the future. A specially designated women’s savings account can, in that, play a critical role in helping women set and meet their financial goals – whatever they may be. Read on to discover ways in which a women’s savings account can help women set goals and save money without going to great lengths for it. 

1. Choose the Right Women’s Savings Account

This is the first and most important step in the journey towards successful financial planning and implementation. Apart from an attractive interest rate, the account you choose should have features that can benefit you. For instance, the Indus Diva Women’s Savings Account from IndusInd Bank comes with cash-back on debit card spends, a discount on lockers, and irresistible gift vouchers, allowing you to maximise your savings.

2. Streamline & Allocate a Budget

A useful rule of thumb is to begin by following the 50-30-20 principle. This means allocating 50% of your income to needs, 30% to savings and investments, and the remaining 20% to wants and aspirations. You could subsequently set aside funds for various categories under each broad category – such as house rent, investments, and entertainment. Try to avoid shopping on impulse and cut back on frequent non-essential expenses. Deploy technology – budgeting apps and tools – to categorise transactions, aggregate your data in one place, and monitor spends more effectively.

3. Make Investments

The importance of channelling your savings into the right investments cannot be overestimated. Today, there are options aplenty – shares, gold, mutual funds, endowment plans, and Unit Linked Insurance Plans (ULIPs) among others. You could set up automated payments to enable investment payments to be made automatically from your savings account.

4. Set Aside for Emergencies

Any kind of financial planning has to entail keeping aside money for unforeseen emergencies. Most experts recommend having the equivalent of at least 6 months of living expenses in an emergency fund. What’s more, it is best to put away this money in liquid instruments so as to ensure it is accessible in the hour of need. A Women’s Savings Account offers easy liquidity and could itself serve as an emergency fund to tackle unexpected expenses, such as medical procedures, home renovation, or loss of employment.

Indus Diva Women’s Savings Account

Crafted keeping in mind the banking and financial needs of the new-age woman, the Indus Diva women’s savings account by IndusInd Bank is brimming with specially curated features to enable you to optimise and augment your savings. Some of its key features are as follows:

• Get movie tickets with a ‘Buy 1 Get 1 Free’ offer on bookmyshow.com worth up to INR 3000 in a year.
• Up to 35% discount on small/medium lockers worth up to INR 3500
• Free insurance cover worth over INR 35.5 lakhs with your Platinum Plus Diva Debit Card
• Free, unrestricted access to all ATMs across India
• Cashback worth INR 3000 on shopping with your Platinum Plus Diva Debit Card
• Up to 15% discount on the best restaurants in your city
• Attractive discounts on online food delivery and groceries and irresistible offers across categories of travel, shopping, and fashion

Every woman is a diva in her own right. Indus Diva is truly a one-of-a-kind women’s savings account that recognises the diva in every woman, according her all the privileges and benefits she rightly needs and deserves.

Apply for an Indus Diva women’s savings account to watch your savings grow even as you grow and shine in your life and career!

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.