THE IMPORTANCE OF SAVING

UNDERSTANDING SAVINGS AND CHOOSING THE RIGHT

SCHEMES

JAYARAM
JEEVITHA
KALAIVANI
KORLAYYA
RAJAPRIYA
SANJAY
VENKATESH
 WHAT IS SAVING?

• SAVING REFERS TO THE PORTION OF INCOME THAT IS NOT SPENT ON

CURRENT EXPENDITURES AND IS SET ASIDE FOR FUTURE USE. IT IS A
FUNDAMENTAL ASPECT OF FINANCIAL PLANNING AND SECURITY.
 WHY SAVING IS IMPORTANT

• SAVING MONEY IS CRUCIAL FOR SEVERAL REASONS:

• 1. FINANCIAL SECURITY IN EMERGENCIES
• 2. FUNDING MAJOR PURCHASES
• 3. ENSURING A COMFORTABLE RETIREMENT
• 4. ACHIEVING FINANCIAL GOALS
• 5. REDUCING FINANCIAL STRESS
 HOW TO SAVE MONEY

• EFFECTIVE SAVING STRATEGIES INCLUDE:

• 1. CREATING A BUDGET AND STICKING TO IT
• 2. SETTING SPECIFIC FINANCIAL GOALS
• 3. AUTOMATING SAVINGS
• 4. REDUCING UNNECESSARY EXPENSES
• 5. REVIEWING AND ADJUSTING YOUR SAVING PLAN REGULARLY
 CHOOSING THE RIGHT SCHEMES

• TO CHOOSE THE RIGHT SAVINGS SCHEMES, CONSIDER:

• 1. YOUR FINANCIAL GOALS
• 2. THE INTEREST RATES OFFERED
• 3. THE RISK ASSOCIATED WITH THE SCHEME
• 4. THE LOCK-IN PERIOD AND LIQUIDITY
• 5. TAX IMPLICATIONS
 POPULAR SAVINGS SCHEMES

• SOME POPULAR SAVINGS SCHEMES INCLUDE:

• 1. SAVINGS ACCOUNTS
• 2. FIXED DEPOSITS
• 3. RECURRING DEPOSITS
• 4. PUBLIC PROVIDENT FUND (PPF)
• 5. NATIONAL SAVINGS CERTIFICATE (NSC)
• 6. MUTUAL FUNDS AND INVESTMENT PLANS
 DISADVANTAGES OF NOT SAVING
• FAILING TO SAVE CAN LEAD TO SEVERAL ISSUES:
• 1. FINANCIAL INSECURITY DURING EMERGENCIES
• 2. INABILITY TO FUND MAJOR EXPENSES
• 3. STRESS AND ANXIETY OVER FINANCIAL MATTERS
• 4. LACK OF FUNDS FOR RETIREMENT
• 5. INCREASED DEBT AND INTEREST PAYMENTS
 BENEFITS OF SAVING

• THE BENEFITS OF SAVING INCLUDE:

• 1. PEACE OF MIND AND FINANCIAL SECURITY
• 2. ABILITY TO TAKE ADVANTAGE OF INVESTMENT OPPORTUNITIES
• 3. PREPARATION FOR UNEXPECTED EXPENSES
• 4. FINANCIAL INDEPENDENCE
• 5. ACHIEVEMENT OF LONG-TERM FINANCIAL GOALS
 TIPS FOR EFFECTIVE SAVING

• 1. START EARLY TO TAKE ADVANTAGE OF COMPOUND INTEREST

• 2. DIVERSIFY YOUR SAVINGS AND INVESTMENTS
• 3. AVOID HIGH-RISK INVESTMENTS UNLESS YOU HAVE A SOLID
UNDERSTANDING
• 4. KEEP TRACK OF YOUR PROGRESS AND ADJUST AS NEEDED
• 5. SEEK PROFESSIONAL FINANCIAL ADVICE IF NECESSARY
 CONCLUSION

• SAVING IS A CRUCIAL PART OF FINANCIAL PLANNING AND PROVIDES

NUMEROUS BENEFITS. BY CHOOSING THE RIGHT SCHEMES AND
MAINTAINING A DISCIPLINED APPROACH, YOU CAN ENSURE
FINANCIAL STABILITY AND ACHIEVE YOUR FINANCIAL GOALS.
QUESTIONS AND ANSWERS

THANK YOU FOR YOUR ATTENTION.