Fixed deposits - A saviour in Pandemic

 Hello Friends,

This is a personal experience shared here. This is to help people who are not systematic or have unplanned Invts and for that matter unplanned Expenditures too😀

There are various options of Secured and Unsecured Investment Options available today.

One of them, which is also to a great extent a Conservative Investment Option.  I.e. Fixed Deposit

Ofcourse, due to overall sluggish markets, this investment option Rate of return has also gone down.

Fixed Deposits are Savings that are to invested with either banks or any financial investment organisation for a certain Tenure, for which the Person gets a Interest at a Rate of Interest calculated annually.

My family person has passion for Gadgets and a tendency to spend (sometimes unnecessary too 😀) 

It so happened, with Unplanned Invts n Expenditures, there was a urgent need to make arrangements for routine expenses...

I applied a rule of Hands-on training for the same. Meaning, I told them to first write the expenses month wise and also Annual expenses. 

Then, I made them keep an amount equivalent to the expenses for that much tenure, to be invested in Fixed Deposit. 

Now, practically, they realised that at the time of expenses, the family had an amount that was invested for payment of that expense.

I know there are many other lucrative investment options too.. However, being a Conservative family, I could only suggest such tension free investment and all expenses were taken care of. 

The other benefit was, they could now save too for one's personal expenses and have additional savings that was so much helpful in such uncertain Pandemic times...

I have written Previous post on Contingency funds... That will also give a Clear view on dealing with such untoward situations... 

Hope this blog was useful and if you require any such suggestion. I am always at your disposal (but with a cost 😉)