Savings AccountSavings Account
Term DepositsTerm Deposits
Credit CardsCredit Cards
NRI AccountNRI Account
LoansLoans
Preferred BankingPreferred Banking
chat Chat

Thank you to every Dad for being the best financial advisor

RBL Bank Jun 18, 2021

When it comes to financial planning, our fathers have always played a profound role in shaping our financial habits. Whether it is in terms of planning your career, how much to pay for a first home, starting your own venture, or keeping the whole family financially secure, Dads have guided us to stay on the right financial path.

On the occasion of Father’s Day, let’s revisit some of the best financial advice given by all the Dads ever since our childhood days.

Piggy Bank is your first Savings Account

Back when we were young and not aware of a Savings Account, our Fathers were the ones who introduced us to the concept of filling up a piggy bank to save amounts starting from INR 1 to INR 10, teaching us the habit of saving money, from an early age. Gradually, as we began to experience the benefits of savings firsthand, he helped us open our own Savings Account to continue this habit. This was the most valuable lesson he instilled in us since our childhood.

Make a wish list of your goals

Making a wish list never gets old! Many of us still make a wish list of our goals in order to achieve them, all thanks to our dads. It was your first step towards budgeting, as by setting your priorities you learned to manage your expenses accordingly.

Plan for tomorrow

Fathers always plan for the family’s future, so you also start thinking ahead from now. Whatever amount you earn, you should save a substantial amount of money, you do this by cutting out unnecessary spending. You would rather struggle during your early years but by saving, you will be able to live a comfortable lifestyle later in life. With savings you’ll also be in a position to invest and increase your earnings.

Avoid impulsive buying

The best advice that you must have received from your father is to save more than you think you can and don’t make impulsive purchases. It may seem insignificant or challenging at the beginning. However, by prioritizing savings over spending, it could help you to cultivate a mindset of frugality and reduce unnecessary purchases. Slowly and surely, your wealth will snowball once you start to adopt this concept.

Invest your first salary in savings

The best feeling ever is when your bank account gets credited with your salary for the first time. Fathers are foresighted, when the right time comes and our first salary is credited, they teach us to put aside some of the amount for our future and build the habit of spending less than what we earn. In that way, you will be left with some amount of money by the end of every month.

Open a Digital Savings Account in just 5 minutes with RBL Bank and make your way towards greater savings!

Be financially disciplined

Not only do Fathers teach us about behavioural discipline but they have also taught us financial discipline by keeping a track on our expenses. Tracking your spending on a regular basis can give you an accurate picture of where your money is going and where you would like it to go instead.

Checking your account statements and categorizing your expenses are some ways through which you can keep a track of your monthly expenses and be financially disciplined.

Fathers are our primary teachers of financial literacy in our lives. This Father’s Day, let’s celebrate and be grateful for our first and best financial advisor by heeding to the pearls of financial wisdom our fathers continue to impart to us.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

Tags

Reward-Points
Zero-Balance-Savings-Account
Digital-Savings-Account
CIBIL-Score
Credit-Score

A newsletter from RBL Bank

Stay Informed on the most impactful business and financial news with analysis from our team

Archives:

Home

Home
Login

Login
Payments

Payments
RBL Cares

RBL Cares
More

More
go-to-top

TOP