Elearnmarkets - Financial Market Learning
  • Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Learn On Elearnmarkets
Elearnmarkets - Learn Stock Market, trading, investing for Free
  • Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • English
    • Hindi
    • Bengali
No Result
View All Result
  • Courses
  • Webinars
  • Learn On Elearnmarkets
Elearnmarkets - Learn Stock Market, trading, investing for Free
No Result
View All Result
Home Financial Planning
How to Invest your extra Savings during Coronavirus Pandemic? 1

How to Invest your extra Savings during Coronavirus Pandemic?

Elearnmarkets by Elearnmarkets
November 7, 2022
in Financial Planning
Reading Time: 6 mins read
0
450
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Listen to this:

As we are all aware, the current pandemic has led us to work and study from home. In fact, a majority of us have stopped going outside completely. So, a lot of our expenses, especially travelling, eating out, etc. have been cut down drastically.

Due to this, you might find an excess of savings on hand, and you might be exploring the various way to invest your savings.

In this article, we will discuss some avenues where you can invest your savings for a variety of goals.

Table of Contents
Systematic Investment Plans (SIPs)
Bank Instruments
Retirement Planning
Insurance
Build an Emergency Fund

5 ways to Invest your Savings –

1. Systematic Investment Plans (SIPs)

When it comes to investing your savings, we can start small with systematic investment plans, or SIPs.

Join TMP Join TMP Join TMP

An SIP, as we all know, is an investment plan where we can invest amounts as small as ₹500 per month into any available mutual fund of our choice.

This can be especially useful during a downturn in the market. How?

Since the NAVs of mutual funds might be lower at this time, one can purchase a higher number of mutual fund units for the same investment price.

When the NAV will start to rise, the value of the investment will rise as well, thus giving higher profits to investors.

2. Bank Instruments:

If you are unsure about investing in the stock market right now, you can invest your savings in bank instruments.

In the current scenario, there have been deep cuts in interest rates of a range of bank deposits, savings and retirement instruments.

Learn to invest in Mutual Funds with Mutual Funds made Easy course by Market Experts

However, there are still some fixed deposits that are offering much higher returns than the rest of the banks.

For example, while SBI is offering 2.9% – 5.4% p.a. interest on their FDs (as on 10 August 2020), Jana Small Finance Bank is offering 7.25% p.a. on their one-year fixed deposits.

One should carefully evaluate the various types of bank deposits and savings accounts available, and choose the one giving the best rate of interest possible.

3. Retirement Planning:

Retirement is an essential long-term investment goal, and with some extra savings on hand, one should consider building or boosting their retirement corpus. Thus, you can invest your savings on retirement goals.

In India, consumers are offered an extensive range of government and private schemes to start their retirement planning.

For example, one can start investing in Public Provident Funds, which offer tax-free returns, and mature after 15 years, thus giving us a considerably large tax-free corpus.

Apart from this, the National Pension System (NPS) is a great and a flexible alternative to start a retirement corpus.

The scheme provides stock market-linked returns, and investors can choose which asset classes of the stock market their corpus should be invested in as well.

4. Insurance:

Considering that we are facing a global pandemic, insurance is an essential step to take.

To invest your savings, we can look for efficient health and life insurance policies that suit our needs best. Some examples of these include –

  1. Term Plans – provides risk cover for a specific period;
  2. Endowment policies – provide elements of savings with insurance;
  3. Whole life insurance – risk coverage for the lifetime of the nominee, etc.

If one wants to gain the benefits of investment along with insurance, they can also consider Unit-Linked Insurance Plans or ULIPs.

In a ULIP, the premium paid is partly invested in mutual funds of various asset classes, while the rest is used to provide risk coverage to the nominees.

One can choose from a variety of ULIPs offered by various institutions, and can also choose the asset class they would like to invest in, as per their risk appetite.

5. Build an Emergency Fund:

Lastly, we can use our extra savings to boost our emergency saving.

An emergency fund is a sum of money we set aside to help us cover unplanned expenses which can arise due to unforeseen circumstances.

However, instead of just setting a sum of money aside, you can invest your savings in short term, liquid avenues to make it grow over time as well. Examples of such avenues include short term debt funds, and recurring deposits.

Apart from investing our savings, we should take this time to reflect upon our financial goals, re-evaluate them and learn more about investing for financial security.

A plethora of free and paid resources are available to improve our knowledge on the stock market, and help us choose the best investment products for our portfolio.

One can, therefore, use the extra time and the extra savings on their hand, to effectively save and invest, based on their goals.

Happy learning!

Tags: basicenglishfinancial planninginsurancemutual fundsretirement planningSIP
ShareTweetSend
Previous Post

Evening Star Pattern – Formation, Example, Pros & Cons

Next Post

डॉव थ्योरी के 6 सिद्धांत – टेक्निकल एनालिसिस का आधुनिक अध्ययन

Elearnmarkets

Elearnmarkets

Elearnmarkets (ELM) is a complete financial market portal where the market experts have taken the onus to spread financial education. ELM constantly experiments with new education methodologies and technologies to make financial education effective, affordable and accessible to all. You can connect with us on Twitter @elearnmarkets.

Related Posts

Financial Calendar 2023-2024 - Remember these Important Dates for Tax Planning, Advance Tax Payment, and Investments! 2
Financial Planning

Financial Calendar 2023-2024 – Remember these Important Dates for Tax Planning, Advance Tax Payment, and Investments!

April 12, 2023
1.2k
correlation
Financial Planning

Understanding the Effect of Correlation on Portfolio Diversification

October 13, 2022
3k
7 Smart Strategies for Managing your Finances this Festive Season 3
Financial Planning

7 Smart Strategies for Managing your Finances this Festive Season

October 13, 2022
1.6k
8 Strategies to Reduce Investment Risks 4
Financial Planning

8 Strategies to Reduce Investment Risks

September 22, 2022
19.5k

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Facebook-f Twitter Instagram Linkedin-in Youtube Telegram

Register on Elearnmarkets

Continue your financial learning by creating your own account on Elearnmarkets.com

Register Free Account

Download App

Categories

  • Basic Finance
  • Derivatives
  • Financial Planning
  • Fundamental Analysis
  • Technical Analysis
  • Marketshala
  • Miscellaneous

Popular On Elearnmarkets

  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Market Superheroes:
  • Vivek Bajaj
  • Chetan Panchamia
  • Ashish Kyal
  • Premal Parekh
  • Abhijit Paul
  • Jegan
  • Sivakumar Jayachadran
  • Vishal Malkan
  • Jyoti Budhia
  • Vivek Gadodia
  • Vishal Mehta
  • Piyush Chaudhry
  • Santosh Pasi
  • Gomathi Shankar
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Courses:​
  • Options Trading
  • Dow Theory
  • Momentum Trading
  • Stock Investing
  • Stock Market for Beginners
  • Harmonic Chart Patterns
  • Algo Trading
  • Elliot Wave Theory
  • Advanced Excel
  • Cryptocurrency
  • NSE Certification Course
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Webinars:
  • Bank Nifty Scalping
  • Intraday Trading Strategies
  • Options Trading Strategies
  • Options selling
  • Price Action
  • Relative Strength
  • Tax Planning
  • Options Buying
  • Growth Stocks
  • Portfolio Management
  • Relative Strength Index
  • Risk Management
  • Renko Charts
  • Crude Oil
  • Traders Psychology
  • Moving Average
  • Multibagger Stocks
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Free Learning Modules:
  • Intraday Trading
  • Options Scalping
  • Swing Trading
  • Financial Modelling
  • RSI Indicator
  • Bollinger Bands
  • Pricing of Futures
  • Personal Finance
  • Initial Public Offerings (IPO)
  • Value Investing
  • Technical Indicators
  • Candlesticks
  • Chart Patterns
  • Option Greeks
  • ELSS Funds
  • Banking and Insurance
  • Real Estate
  • Gold
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Book Summaries:
  • Rich Dad Poor Dad
  • Psychology of Money
  • The Intelligent Investor
  • The Richest Man in Babylon
  • Think and Trade Like a Champion
  • Value Investing and Behavioural Finance
  • Trading in the Zone
  • Learn to Earn
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati
  • Tools:
  • CAGR Calculator
  • SIP Calculator
  • eLearnOptions
  • Future Value Calculator
  • Present Value Calculator
  • Atal Pension Yojana
  • Cost of Delay Calculator
  • Become a Crorepati

© 2023 Elearnmarkets. All Rights Reserved

  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling
  • Visit Elearnmarkets
  • Courses
  • Webinars
  • Financial Guides
  • Get Free Counselling

Get Elearnmarkets App

No Result
View All Result
  • Article Categories
    • Basic Finance
    • Derivatives
    • Financial Planning
    • Fundamental Analysis
    • Technical Analysis
    • Marketshala
    • Miscellaneous
  • Language
    • Hindi
    • Bengali
    • English
  • Courses
  • Webinars

© 2020 Elearnmarkets All Rights Reserved