Demonetisation shocked many people in many ways, but I think the men received a double shock when their non-working wives brought small/big bundles of cash from different parts of the house to be deposited or exchanged. The husbands never thought that their wives would have saved that much money without their knowledge.
So the demonetisation has revealed one thing for sure, the women of the house continue to save in their own way. Money is stashed under the bed, in the cupboards, among the clothes, in the locker, wherever possible so that it does not get noticed and stays away from prying eyes. It also revealed that women can be damn good savers as well.
So now that money has gone back to the bank and all your secret places have been exposed, so what do you do now? It’s now time to start rebuilding it.
But this time I suggest you do it differently. Instead of saving, start investing it.
If you were saving Rs. 2000 every month for the last 3 years, you would have had cash amount of Rs. 72000 with you.
Now the same if you had invested, i.e Rs.2000 every month for the last 3 years. Considering a conservative returns of 10%, you would have had Rs. 84000 (approx.) with you. So yeah, you would actually have an additional amount of Rs. 12000 to spend!
Now you may think it’s such a cumbersome process to invest, I can assure you that it’s not. Start with simple investment options.
Now consider some of these options for investment –
Recurring Deposit in Banks – Recurring Deposits provides flexibility and ease of use to individuals. Account holders can choose to invest a particular amount each month, ensuring that they have sufficient income for an emergency, with the RD earning decent interest on the amount. Given the fact that Fixed Deposits are rigid and are not ideal for short terms, a Recurring Deposit is an ideal investment cum savings option.
Buy Gold in Demat form – Holding gold physically, although desirable and satisfying, is also prone to risks. Now, you can hold gold in demat form, just like equity shares or mutual fund units. And the advantage is you can start buying with small amounts, as small as 1 gram gold.
Systematic Investment in Mutual Fund – A Systematic Investment Plan or SIP is a smart and hassle free mode for investing money in mutual funds. SIP allows you to invest a certain pre-determined amount at a regular interval (weekly, monthly, quarterly, etc.) A SIP is a planned approach towards investments and helps you inculcate the habit of saving and building wealth for the future.
Take that one small step towards investing, move from being a saver to an investor. But do not go back to stashing the cash in cupboards and jars.