Saving money is the best way to cushion yourself against financial emergencies. It reduces stress, helps overcome debts and ensures wealth-building. So, as a young couple, you must find ways to save together. This will help you accumulate wealth and reach your financial goals smoothly. In fact, you can also enjoy greater security and fund your most important expenses easily.

However, youngsters often tend to procrastinate saving, which is the major reason for not being able to build up a good corpus. Also, you might be easily tempted to spent on certain luxuries and achieve a better standard of living. Then there’s the problem of so many investment options that it can get confusing. Given all these challenges, here’s what young couples should know about effective ways to save money.

Home Loans

Young couples often have plans to own their own home in future. Consider home loans for salaried or self-employed people. Work with a bank that offers affordable housing loans with subsidies of up to ₹2.67 lakhs under the Pradhan Mantri Awas Yojana. Concession is the best way to save a substantial amount while achieving your dream. Choose a lender who offers better home loan interest rates to women and encourage them to be a co-applicant. This makes it easy to purchase a house together and save money in the process. Get in touch with professionals to learn about the rates and charges beforehand.

Fixed Deposit

Instead of letting your money lie idle, consider investing in a fixed deposit. Besides home loan for salaried people, opening an FD account is an effective way to put aside money for the future. Pick a bank that lets you start with as little as ₹10,000 while offering interest rates as high as 7%. Further, make sure you get multiple tenure options from 12 to 120 months so that you can choose according to your financial requirements. FDs are not market driven and you get an assured sum at the end of the tenure, making them a safe investment.

Budgeting Apps

Young couples can make the best use of technology to save money too. Financing apps help you manage money better. You learn the concepts of saving, organizing and spending better. In fact, most apps help with financial education, which is quite important for young couples. Pick an app that helps you make relevant decisions and ensures better accounting of your money. In fact, the top apps help you avoid mistakes. Use a simple tool with a user-friendly interface for the best experience.

Track Finances

As a couple, consider tracking individual and combined bills. Keep a check on both inflow and outflow. Note down every purchase and expense. This will help you create a realistic budget and understand where to cut back. Monitoring your expenses regularly and saving wherever possible is an effortless way to start securing your financial future.

Besides these, use a home loan calculator to calculate the monthly EMI so that you know the loan amount that you can afford to easily pay back. Further, divide your expenses, consider long-term investments and set a practical budget. These steps can help you save without hassle.