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We are already halfway through the year, and going by the stats collected by the University of Scranton, most people have already forgotten about their New Year resolution by now. Every year on January 1st, social media tends to get flooded with announcements for the upcoming year. The most popular ones being, becoming a better person, travelling more and learning something new. But, does making a resolution really require a specific date?
Not really. Especially, when it comes to taking up something that can change your future for the better. One such challenge that has been doing the rounds on the internet is the 52-Week Money Challenge.
Started on social media in 2013, through a Facebook group called ‘Kassondra’s 52-Week Money Challenge’, the idea was initiated by finance aficionado Kassondra Perry-Moreland. The challenge instantly went viral and became a massive hit.
Kassondra’s group became a real-time hub for over 1,000 people from around the world, as they began sharing pictures of their piggy banks and savings account balance. The response was truly phenomenal; and the idea was so simple.
If we’ve piqued your interest, here’s how it works:
In India, you start by saving just 10 rupees in the first week, 20 rupees in the second week, 30 rupees in the third week and so on. As you save in increments of 10 rupees per week, by the end of 52 weeks, you would have a whopping 13,640 rupees!
What’s more, there are no fixed rules here. So, you can either try saving more money in the next two weeks or even deposit the savings if you want. By the end of it, you can even plan to buy yourself something expensive.
Simple and fun, this is one of the best savings plan you would come across. But, if you are wondering whether this challenge poses any potential upside or downside, here’s what you should know:
It inculcates the habit of saving. For anyone who needs to save cash to pay off a debt, get a much-needed break from work, pursue education or just save enough for a rainy day, this challenge poses a brilliant proposition.
When you contemplate saving a big amount every month to reach your financial goals, it may not be that easy. But after you’ve doled out all the expenses for the month, and still saved up a small amount, it convinces you to save more.
It is difficult to fight the urge to raid your savings every once in a while. After all, we’re only human.
Another flip side is putting away a sum of money towards the end of the week. The last few weeks get trickier, wherein the amount increases. Besides, it might also be a bit disappointing to see your money sitting in a jar and not earning any interest.
To avoid this, you can invest in an Assured Savings Plan that enables you to add more to your growing balance and secure your future. You can easily opt for an online savings plan, and get started right away.
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