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Decrypting the riddle- "Are you settled in life"
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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"Are you settled in life?" That's one question that gets asked a lot in India, especially when you are around the marriageable age. Wondering why? Because that apparently is a major deciding factor in determining whether or not you are suitably entitled to get married, and manage a family of your own responsibly. But what is this "getting settled" all about? While everyone seems to have an idea, no one's sure as to how much of a financial competence is enough to qualify. Here are some of the things you can do to qualify yourself as "settled" while you stand ready to get hitched.
Let's decode the phrase first
In India, settling down in the context of getting married, is by and large about having enough to support a family, and in many instances, it also includes having a house of your own.
Where do you begin? Start saving
First ask yourself —how good are you at managing money? How much money is enough for you to live comfortably for a month? Basis the answer, you can choose one or more savings routes. For instance, even if you manage to save as small as Rs. 1000 / Rs. 2500 per month, you should consider investing it and not letting it stay in your Savings Account, for you could end up spending it all before you know it. Parking your savings in essential investments like Recurring Deposit, Fixed Deposit, etc. not only helps you save money, it also earns you interest in an effortless way. And while you try to set aside money regularly, remember not to be too harsh on yourself. Because it is important to balance your present enjoyment and future savings. So save little, splurge little!
Explore the market
It's not about becoming the wolf of wall street. Take calculated baby steps into the diverse universe of equity and debt market — identify what kind of investments suit your preferences. Consider options like mutual funds, exchange trade funds, small stocks etc. and start investing in small, meaningful amounts. These can act as powerful boosters for your wealth and help you grow your money at a faster pace, provided you invest prudently. There are a range of SIPs you can choose from.
Remember to keep looking for different opportunities to invest in. This will not only help you grow your money, but also give you safer returns. Be sure to compare the options, and also read and verify all the offer documents carefully before investing. This may sound very repetitive and clichéd, but it is of prime importance. If you need any personalized assistance, feel free to conatct the relationship manager.
Time to get 'settled'
You've been growing your money — great! But are you settled enough to be called an eligible candidate yet? Of course not...where's the house? In this day and age of instant coffee, you can take up a home loan in no time, and achieve that key milestone effortlessly. Plus, you also enjoy annual tax benefits on the EMIs you pay. Discover easy home loans tailored to suit your needs.
All your needs under one roof
Be it an SIP, an RD, an FD or a TD, be sure to take a look at the various investment opportunities you can avail. In case you need more guidance, you can speak to one of the representatives .
All in all, take it easy because 'settling down' is overrated. That said, the expectation does play a decisive role in nudging you to take those essential steps towards financial stability, which in turn helps you be in control of your finances.
And by the way, here's wishing you all the best for your married life!
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