There are numerous online banking services available in India, like the Kotak 811 Savings Account or the Indusind Bank Savings Account or digital bank like the Niyo Bank or a small finance bank like Equitas Bank, where you can open a Saving Account with zero balance.Īnd these kinds of online saving accounts generally pay a higher saving interest compared to regular saving accounts. This saving account doesn’t have to be with a brick-and-mortar bank. Like saving towards the next smartphone or a new sound system or a brand new sofa for the living room, etc. If you are spending more than 10% to 15% of your monthly income on unnecessary online spending, then a monthly budget will visually remind you to cut back on those expenses.Ī monthly budget can also help you fulfill your dreams.Įveryone should have a separate Saving Account focused on saving for their “wants”. If you are earning a monthly income of Eighty Thousand Rupees, and you are paying Forty to Fifty Thousand Rupees in either house rent or home loan EMI, then a monthly budget will tell you visually that you are becoming house poor. Let us understand with an example – how a monthly budget protects your financial health from getting derailed. It protects your financial well being from jumping off a cliff. A monthly budget is like a guard rail on a hilly road. A monthly budget tracks your income and expenses, and it will let you know whether you are overspending or not.
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