Implementing weekend investment planning here can be enormously helpful
The joy of financial freedom is the best feeling ever
Don’t we all love to spend lavish, relaxed weekends after every tiring week?
Yes, going out, eating at fancy restaurants, shopping, visiting pubs and bars; in fact, some of us are so profligate that we do not understand where to stop. For people who think spending a lot of money is cool, just take a moment and think about the benefits of making effective investment plans instead.
If you think, all of these activities add up to become a hefty amount which can be put to better use.
Not that you should stop having fun but yes, if you limit your merrymaking on weekends and straighten things, you will save a lot to make investments effectively from which you will be able to reap benefits in the future.
Let us now look at some of the benefits of weekend investment plans and the steps to achieve your goals…
Take 1: You need to set a real and rational goal
You have to have a very pragmatic financial goal and to achieve that you have to cut down on the lavish lifestyle, which can be a tad bit painful in the beginning but yes then you can utilize the money to invest in several types of mutual funds such as balanced funds, equity funds, and much more… there are several options available.
The perks of investing in mutual funds are that your fund is not only accumulating but also will grow (as the compound interest on the total fund accumulating will increase exponentially) with the passage of time whereby you will get benefited in the future. You can just sit back at home and relax while your funds will keep on growing.
Take 2 – Consider WIP
Remember that the money that you are spending every weekend in pubs, high-end restaurants, movie theatres, shopping centers and so on is not giving you any return, so basically you are losing the money.
Yes, implementing weekend investment planning here can be enormously helpful.
Want to know how?
Well, suppose you are spending 2000 to 3000 bucks every week it is adding up to become 8000 to 12000 bucks per month. Now instead of going out every weekend and spending the amount you can trim down your outing to once or twice a week and stay back at home. This planning will help you to save a lot of money which you can invest in mutual funds.
When you opt for SIP i.e. systematic investment planning, you are getting the liberty to invest small amounts into the mutual fund over a long period say 10 or 15 or 30 years. This means that by the time you retire, a good amount of funds will be ready which will enable you to live freely without any worries. (This is mainly applicable for those who will not have a pension after retirement). Well in this regard it can be said that SIPs are both long term and short term. You will also get the flexibility to take out the money that you invested, once you feel you have achieved your goals, or the mutual fund that you have invested in is not doing well. Further, you will not have to depend on your children once you retire.
The joy of financial freedom is the best feeling ever. Enjoying life after retirement is something that most people look forward to having and in this way you can realize your dreams easily.
Take 3 – Invest in Systematic Investment Plans (SIP)
When you opt for SIP you are actually making things easier for you because first, you can do it online and second you have to practically do nothing, the money will be automatically deducted from your bank account every month, on a specified date and the mutual fund that you will choose will get invested in that. All you have to do is save the money by trimming down little pleasures and extravagances in life.
Take 4 – Watch your wealth increase
Yes, your money will start growing steadily. But for this to happen, you have to manage your time for example take out some time and analyze the market, look at growth and cherish. Yes, spending good times with family and vacationing with friends at the weekends or going out for Sunday brunch can be pretty exciting but have you ever done financial planning or budgeting on weekly monthly expenses? If not then please think because that money can be invested in a large-cap, a multi-cap and a balanced advantage fund, provided you do not like to take much risk.
The best thing about these funds is that they are less risky as compared to the mid or small-cap funds. You can do goal-based SIP investment for your short term goals like vacations, renovate the house, and buying a car. This way you will be able to save a lot of money as well as have fun at the same time.
Take 5 – Plan and seek professional advice, if necessary
You must have a proper plan because having no plans of saving up the bits might get you into a soup! Having a proper weekend investment plan can enable you to manage your annual expenses, it can also help you to come out of debt and much more. Having a surplus amount of money is always advisable because it can help you to tackle any sort of emergency. A stress-free financial life is all we want and that is exactly why everyone must think about how to efficiently devise a weekend investment plan by not depriving oneself of the little pleasures in life of course.
If you ever feel that you need some expert guidance, you can always talk to a professional. When you get your mutual funds handled by a professional, you will get a much better understanding of your investments and be able to make informed decisions with confidence.
Weekend investment planning is contingency planning so plan your finances judiciously to have a happy and tension free life ahead. SIP helps you to achieve your goals systematically when you embark on an extraordinary financial journey.
That’s why Comparte Investment team asks do you have “Nivesh Ki Aadat”.