Post date
Mar 24, 2025
Big purchases like a new car, a dream vacation, or school fees require thoughtful financial planning. Rather than relying on last-minute loans or dipping into emergency savings, a structured savings plan can help you achieve your goals without financial stress. πβοΈπ
We will explore the best strategies to save for major purchases using MCBβs savings and financial tools to make the process easy and efficient.
Before you start saving, determine how much you need and by when.
π° Car Purchase: Consider the down payment (typically 10-20%) and additional costs like insurance, registration, and maintenance.
π Vacation: Estimate travel expenses, accommodation, activities, and emergency funds for unexpected costs.
π School Fees: Account for tuition, books, supplies, and extracurricular activities.
π Example: If you need Rs. 60,000 for a vacation payment in 12 months, you should aim to save Rs. 5,000 per month.
π‘ Pro Tip: You can create a savings account to pay this amount to every month until you hit your desired target.
Keeping your savings separate from your daily spending account helps you stay disciplined.
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MCB Goal-Based Savings Account allows you to save for specific purchases while earning interest.
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MCB Fixed Deposits can help grow your savings if you have a longer timeline.
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Automate transfers so a portion of your salary goes directly into your savings account.
π‘ Pro Tip: Label your savings accounts (e.g., βCar Fundβ or βVacation Fundβ) in MCB Online Banking for motivation.
A structured budget can help allocate funds towards your goal without affecting essential expenses.
β 50% Needs: Rent, utilities, groceries, and loan repayments.
β 30% Wants: Entertainment, dining out, and subscriptions.
β 20% Savings: This portion goes directly into your goal-based savings account.
π Example: If your income is Rs. 60,000 per month, aim to set aside Rs. 12,000 per month for your big purchase.
π‘ Pro Tip: Use the MCB Juice App/ Bank Statements to track your spending and savings progress.
Finding extra money for your savings goal doesnβt mean sacrificing your lifestyleβitβs about smarter spending.
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Reduce impulse purchases and dining out.
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Cancel unused subscriptions or memberships.
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Sell items you no longer need and add the money to your savings.
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Take on freelance work or side gigs to boost your income.
π‘ Pro Tip: Set up Money Date with yourself weekly to track where your money is going and adjust spending habits
If your purchase is 2+ years away, investing can help your savings grow faster than a standard account.
β MCB Mutual Funds offer diversified investments with potential growth.
β Fixed Deposits provide guaranteed returns for safer savings.
β MCB Capital Markets offers expert advice on long-term financial planning.
π‘ Pro Tip: Speak with an MCB Financial Advisor to determine the best investment strategy for your savings goal.
β Define your savings goal and set a timeline.
β Open an MCB Goal-Based Savings Account for structured savings.
β Follow the 50/30/20 budgeting rule to allocate funds wisely.
β Cut unnecessary expenses and find ways to boost income.
β Consider investment options for long-term savings growth.