Saving money is definitely important, but is there a smarter way of doing it? Be it a frugal individual, or one with a lavish spending habit, committing to a savings plan is certainly one of the simplest and most strategic manner of saving money.
Why is this so ?
Here is a list of benefits that comes from a savings plan :
- The maturity value of a savings plan is non-taxable.
- Savings plan often come with some insurance elements for added security. Depending on your needs, it is also possible to customize the insurance features of a saving plan in order to cater to your concerns.
- The interest rate and bonuses gained from a savings plan helps to combat inflation. The interest rate can be as high as 50-60 times of what the typical bank saving account is offering.
- Returns from a savings plan is much more stable as compared to risky investment tools available in the financial market.
- Instills discipline within an individual to save for their future
- Helps to prepare someone in advance for an upcoming life/financial goal e.g. mortgage down payment, children education etc.
To find out more regarding savings plans, simply request for a consultation with me today.