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However, a common rule that may be helpful is saving 20% of your income 2.
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Hence, it is difficult to specify a fixed amount that you should save. These factors include your income, debts, day-to-day expenses, long term and short term goals, and many more. The amount of money you should save at any given age depends on several factors. How much money should I start saving at the age of 25?
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No matter what the financial goal, the best savings plans will always help you attain it.ġ. Financial Goals: Savings plan can be used to meet a variety of financial goals like purchasing a house, buying a car, your child's higher education and marriage, and your retirement.However, do make sure that the sum assured for the life cover is enough to cover the present & future financial needs of your family. The focus is not just on the amount you save, but more on how long you can follow through with your plan. You do not have to earn a lot to afford a savings plan. Income levels: The premium for a savings plan depends on your financial goals.Whether you have just joined your first job, or have started a family or are some years away from retirement, a savings plan is ideal for most life stages of your life. Life Stages: Savings plans are beneficial everyone who hasn't crossed the retirement age.Also, look for a trustworthy brand name so that you can be assured that your money is safeĪ savings plan is a versatile product that is relevant for people from different life stages, having different income levels and with different financial goals.
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You should try to look for plans that provide you with features like flexible premium payment options, free withdrawals, additional benefits on purchasing online, and more.