Very early in his life, the great investor Warren Buffett figured out that he could end up saving $300,000 in his lifetime by making certain changes in his haircut schedule. This means that small savings over a period add up to a sizeable amount. A small tweak in our spending behaviour can easily weed out unwanted expanses. This, in turn, can help us fulfil our long-term goals and dreams.
We all have experienced that happy feeling, when we find some money in our pocket that we never expected. Imagine, a cup of coffee giving us that exact same feeling by making an international trip affordable?
To a coffee lover’s delight, the smell of a Hot coffee is equivalent to a ‘Happy thought’. A cup of coffee usually costs around Rs 150 at a stylish café in India. Saving Rs 150 a day by simply making coffee at home can help you save Rs 54,750 in a year. Moreover, investing this money can translate into an international trip, an admission to a foreign university, or possession of an expensive gadget.
The impact of saving small can often lead to a big win. The small expense of a coffee cup is could be costing us a trip to our dream destination and or so many other goals that make life worth living. Although on the brighter side, it means we can easily follow the footsteps of Warren Buffet by spending what’s left after saving and not vice-versa!
There are different instruments to invest the amount and it is important to find the one that is appropriate for our needs and goals. Investing in shares and mutual funds might require some financial knowledge. Saving through fixed deposits is very popular and is also the most risk-free and reliable. However, another way to #SaveToSpend and earn interest easily is by opening a bank savings account and earning interest on the amount saved over a period of time.
There are different kinds of savings accounts, each suited for different people. HDFC Bank is one of the leading and most reliable banks that specialise in providing varied types of savings accounts. It provides customised savings accounts for students, homemakers, businesspersons, salaried employees, and senior citizens.
Here are the main types of Savings Accounts offered by HDFC Bank and how saving a small amount every day – say, the price of a cup of coffee – can affect the amount saved:
- Regular Savings Account: You can access this 24x7 through digital platforms such as internet banking and thus it is easy to make savings on a day-to-day basis through this account.
- SavingsMax Account: You can save up to Rs 6370 on opening a SavingsMax account with HDFC Bank.Thus, your regular savings get an additional boost with this type of savings account.
- Women's Savings Account: This account is customised to meet the savings requirement of women and provides various offers to meet their lifestyle needs along with encouraging saving.
- Senior Citizens Account: This account is designed to provide convenience and security to senior citizens.
- DigiSave Youth Account: This account is very useful if you are aged 18-25. Along with providing schemes and offers, it also offers a great channel to save at an age when your expenses are at a minimum.
- Family Savings Group Account: The cost of a cup of coffee contributed by the whole family in one account can take savings to a whole new level. Banking in one account with schemes such as discounted locker rental and lifetime free debit card for all account holders make this account more attractive.
- Basic Savings Bank Deposit Account: Thisrefers to a zero-balance savings account that is appropriate for people who are not committed to saving money but who still want to give it a try.
HDFC Bank even provides the facility of expense tracker. This new feature allows you to track all your financial transactions in one place i.e. savings, income and expenses (credit cards, bill payments etc.) This makes it easier to cut unnecessary expenses.
If you are looking for tips to save more and splurge less, click here to read more!
As we just saw, a simple deed such as saving the small expense of a cup of coffee, combined with different savings account facilities provided by HDFC Bank, can take your financial dreams to greater heights over a period of time. Thus, first save and then spend. #SaveToSpend
With HDFC Bank InstaAccount open a Savings Account online in a few simple steps. It comes pre-enabled with HDFC Bank NetBanking & MobileBanking and you can enjoy Cardless Cash withdrawals. Click here to get started!
*Terms and Conditions apply
