You can also develop a saving habit like my 9-year old niece such as a fixed deposit. Want to know what did she do?
Let’s put an awe-inspiring investment story! It is not from a financial executive, but from my 9-year old niece from whom you could learn the value of investments and invest in fixed deposits or FDs and more.
My 9-year old niece recently told me a story that I would like to share with you all as well. Why? The story inspired me so much that after listening patiently to her story, I realized I forgot the worth of saving and kicked off a fixed deposit account with my lender.
The story of my niece goes like this!
She recently watched The Lego Movie recently and wanted the entire Legos sets and as many as possible. But, she also knew that her parents might not indulge in such an expense because she had other toys to enjoy.
However, like all children, she did try asking parents, and as a majority of parents, her request was not accepted.
She did not lose heart and thought of saving all by herself to get the dream Lego play sets. She used to get Rs.200 as weekly pocket money from her parents. She kept all her weekly savings aside and after 25 weeks or roughly 6 months, she asked her father to purchase the playset, but her requested once again met the first fate – rejected!
My niece went into her room running, brought and showed Rs.5,000 to her father and told, “Please buy me from my savings!”
Her parents and the cousins were pleasantly stunned! How could a child of only 9 years muster all the courage and patience in the world to keep off all desires for 6 months and save money?
Her father knew that the Lego sets cost a bit more than her savings, but he did not tell her this as this might have distracted her from a healthy habit – savings! Her savings were matched with some other cash from parents’ side, and she finally got the set, leaving her jovial and eyes brightly lit with the spunk.
When she told me the story, she had so much pride in her voice! Her story led me to a thought! As adults, we don’t have so much patience and courage to save up for things and have many ways to buy things.
Further, the luxury of credit card EMIs and cashback offers make us lazy.
Just like my niece, even you could go and make a debt-free next purchase with a saving such as an FD.
Yes, a fixed deposit (FD) is an account that a person holds with a bank or lender and invests for earning some good interests on a fixed amount. The savings then mature over a selected tenor and give back the investor with fixed interest profits.
You can also nurture the habit of investing in a fixed deposit account with your bank or online lenders.
Nowadays, you can earn fixed deposit interest rates of 8.10% with leading online lenders on a minimum FD investment of Rs.25,000 depending on your membership status with the service provider.
You can also know your gains on fixed deposit interest rates with the help of an FD calculator which is available on a lender’s website free of cost.
With a fixed deposit account, you can aim for small or big financial goal of your life and let your money earn money easily.
The Bottom Line
Savings and investments are always a healthy habit. We have completely forgotten it due to many direct or indirect purchasing powers that we have such as credit card EMIs, loans and more.
A fixed deposit or any other saving habit will always give you an extra mileage your small or big financial goals, start off today and let dear money work an extra mile! Happy savings!