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Money Matters

Find out Top 10 Money Management Tips in 2020|YES BANK

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Saving and growing one’s income has become a primary necessity in the current times. Whether it is the unstable income sources due to the recent pandemic or just the general increased cost of living, financial stability is paramount. Options keep piling on about what one can do with their money to secure their financial future, which can be very confusing. It is important to understand the ways in which one manage their money in easy, quick, and cost-effective manners.

Top 10 Money Management Tips in 2020

  1. The most important step in money management is to understand your ultimate financial goals - a dream house, retirement fund, foreign travel, or kid’s education.

  2. Keep a tab of all your assets and liabilities. Make sure that you are aware of your finances, including your all income and expenditure sources.

  3. Try to automate all your monthly payments like credit card bills and loan EMIs to ensure that you do not lose money on late fees and penalties.

  4. Saving money is one of the most important tips in money management. It should be a cardinal rule to save at least 10 percent of your total income.

  5. In the current COVID-19 scenario of 2020, it is highly advisable that you have an emergency fund saved for a difficult day. In these uncertain times, creating a reserve of your money is equally as important as investing money.

  6. Invest in policies that offer life cover and beneficial payouts, according to your financial goals.

  7. A great way to organize and manage your money is to try and reduce your high-interest debt. It is important to give priority to reducing these debts instead of just saving your income.

  8. Choosing the right banking partner is a crucial step in managing your money. Look for banks that understand and cater to your needs and offer customized solutions for all your banking needs.

  9. Open a savings account that offers you a superior benefits and high  returns on your bank account balance. Growing money is part of managing money, so make sure that the money you save also brings you great returns.

  10. Look for relevant investment options that offer tax benefits. The more money you make, the higher amount you lose in taxes. In order to facilitate your long-term goals, make sure your hard-earned savings don’t get sucked into taxes.

YES BANK Savings Accounts

YES BANK values its customers and believes in facilitating their financial goals. They understand that individuals might have different banking needs based on their specific requirements. YES BANK offers prospective customers multiple options in Savings Account, which ensure that everybody gets their finances managed in a way that suits them the best.

  1. XLRATE: XLRATE savings account is best suited for customers looking for easy investments and a higher return on Fixed Deposit. It also provides customers with easy liquidity through an auto sweep-in facility.

  2. YES Digital: Customers can now open and operate their savings account from the comfort and safety of their homes with the YES BANK Digital Savings Account. It is quick, easy, and completely paperless.

  3. YES Respect: YES Respect is a Savings account exclusively meant for senior citizens. It offers high-interest rates and exclusive offers on Healthcare brands.

  4. YES Grace: YES BANK provides women assistance to prosper financially with the YES Grace Savings Accounts. It has attractive Lifestyle Benefits and free Personal Security & Protection Cover.

  5. Customizable Savings Account: Aside from all their well-balanced options, YES BANK also gives the customer a chance to get a Savings Account tailored to their personal needs with their Customizable Savings Accounts.

No matter what your financial requirements are YES BANK Savings Accounts has you covered. With their multiple options, you stop stressing about money management and simply start saving.

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