Invest & Secure - Two Good Financial Habits

We work hard to support and fulfill the dreams of our loved ones. Our daily struggles end once we see the faces of our dear ones at home. Suddenly, the hard work, the EMIs, the bills and so on seem very minuscule in front of their bright smiles. At present, you would do anything to keep those smiles intact but what when you aren’t around? Do you have a plan that would prove to be as responsible as you are in your absence?

Just like you, there is a young guy – Amit Mathur, who in his mid 20’s. He just got married to the love of his life recently. He has been responsible and organized ever since his childhood days. Let’s look at how he has planned for his family’s future and taken some very smart decisions that will make his and his family’s life pretty easy and comfortable, even in his absence.

Below is how he planned for the financial wellbeing of his family;

1. Spend within Limits

Amit was always advised to spend his earnings within limits and never to waste money. He would never splurge on things that weren’t needed. In fact, even when he purchased a term plan which offered the lowest possible premiums for a high sum assured. This way he has ensured that every rupee that he is spending towards the life coverage provided by the term plan is well spent and will take care of his family’s future needs in case something happens to him.

2. Save Money

This is one advice that has been passing from one generation to the other since eternity. Amit simply followed this age-old advice by investing in a new age ULIP known as Edelweiss Tokio Life – Wealth Plus. This plan inculcated the habit of systematic monthly investments because of which Amit was able to maintain discipline and consistency when it came to investing.

3. Plan for Contingencies like a critical illness or a sudden accident

Planning for rainy days is important. Amit was aware that his child is too young, and God Forbid, if something unfortunate happens to Amit, his child’s future shouldn’t get affected in any manner. That’s why he took time out to compare term insurance policies and purchased a plan that even secured him against critical illnesses and accidental disabilities.

4. Starting Early

Starting early for any investment option will grant you adequate returns and will be a cost-efficient medium too. Same way as Amit bought a risk protection term plan in his mid 20’s, starting early benefited him in terms of lowest premium rates. Being wise about investments is a must when it comes to managing money. Edelweiss Tokio Life – Zindagi Plus is a term plan in India that even takes care of the increasing lifestyle and inflation rate that can occur in the future.

Aastha Mestry - Portfolio Manager          

An Author and a Full-Time Portfolio Manager, Aastha has 6 years of experience working in the Insurance Industry with businesses globally. With a profound interest in traveling, Aastha also loves to blog in her free time.