Best saving schemes for girls and college students
In today’s living expenses are at a full time high and no one can understand that better than a college student. With limited income/pocket money we have to plan for our unlimited expenses. These expenses come in many shapes and sizes such as canteen bills to Domino’s pizza, movie plans to one-day-picnics, from birthday treats for friends to dinner dates with their partner, college students have to plan it all. Let’s discuss the best saving schemes for girls and college students.
The solution for all these Financial Problems is just to increase your income and trust me, it’s not that difficult at all.
One of the simplest and probably known ways is to maintain your monthly budget. Make a list of all your expenses and recognize the extra/unwanted expenses and try to cut them down. You’ll be surprised how much savings this simple step can lead you to.
Another effective option is an investment: Smart Investments can lead to fruity results. Investments can be made in many schemes and we’ll see a few in brief below.
Share Market
This is a very lucrative offer for youngsters who want quick cash. It is very technical and prone to risk Investment but with a little bit of knowledge about share market and regular readings one can formulate a strategy to earn some profit for sure. Moreover, you will begin to feel like an Investor and this will motivate you to study the market better Every day.
SIP’s
The Second best option is SIP’s (Systematic Investment Plan). It’s a type of Mutual fund which allows the investor to invest money in small amounts regularly. One can deposit his/her money on a weekly, monthly or quarterly basis. There is no fix maturation period in this and one can withdraw the money as and when required. The amount to be deposited need not be constant. The user can deposit as much as he can at the time.
A student can start investing in this scheme with an amount as less as 500Rs. You just need to invest in the right Mutual Funds and get ready to reap some heavy returns in a very short span of time.
Read more about SIP: Here
What would happen if you miss a SIP installment?
BONDS
The Third type of Investment is a “BOND”. Let’s take a scenario, It’s your EXAM month and you have some extra cash that you want to invest it with minimum risk than BONDS are the right means of investment for you.
Many Companies or the Government issue Bonds to borrow large amounts of money from the people. Here the company takes your money for a specified period of time and is bound to repay you that money (With Interest) on maturity time.
There are Long Term (Passive) and Short term (active) Bonds. The Long term Bonds have a higher interest rate whereas the latter has a lower interest rate. Here the investor’s money is in a Lock-in Period and can’t get his/her money before the maturity period. But money is the safest here. These Bonds can easily be traded through Brokers so all you need to do is get in touch with one, then sit back and watch your money grow.
CD’S
The next scheme of investment is the Low-Risk CD (Certificate of Deposit). This is a very safe investment where you loan your money to a bank and receive a CD. The CD will get you a fixed amount of Interest from the bank. This investment does not fluctuate with the ever-changing Stock Market. Thus all you need to do is find a reputed bank nearby you and sign a CD for safer returns.
AS you can see there are many methods and schemes to save money if you want to. So gear up and don’t be nervous about losing your money, because all you have to do is “Smart” investments NOT “Fast” investments.
Mutual Funds
In the current era, investing in mutual funds has become very easy than it was about two decades ago. If you are a student and would like to get a head-start on your savings for the long term, mutual funds can help you do just that.
For instance, you could save up and sponsor your own higher education, or you could use the money to purchase a two-wheeler for yourself, or you could simply take off on a vacation with your friends. Mutual funds are designed to grow and increase your wealth. Depending on how much money you invest, the returns are likely to make to smile in the long run.
The best part of investing in mutual funds as a student is that you don’t even need to get a job and earn money to make investments. A part of your allowance or pocket money can be set aside each month and the same can be invested in mutual funds through Systematic Investment Plans.
Things You Need to Know Before Investing in Mutual Funds
How to Invest in Mutual Funds?
Nowadays it is easy to invest in Mutual Funds in a paperless and hassle-free manner. Follow below a few simple steps to start your investment journey right away:
Before starting this process please keep ready with mandatory documents and follow the below points.
- Sign up for an account at Zerodha
- You need to enter the required information and complete the verification process.
- Get your e-KYC done in less than ~4 hours.
- Invest in the most analyzed fund from amongst the hand-picked mutual funds
- Download the Zerodha coin app and start investing.
Conclusion
Here are a few most preferred Investment plans. However, make sure you do complete research before investing in any of these.
