In 2018, a report stated Indians are the most stressed globally on work and finance issues. Cut to 2021, the stress has only increased. Besides the fear of job loss and pay cuts due to the COVID-19 pandemic, Indians are the biggest sufferers of financial anxiety.
Money management is one of the key areas that many people, especially the millennial cohort, want to master. However, due to multiple factors such as hectic schedules, insufficient knowledge, problem of plenty, confusion, etc., they are unable to take charge of their finances, which leads to money-related stress.
To reduce the tension, experts advise that the first step to effective financial management is saving, followed by investing in instruments to reach goals and insurance to safeguard oneself from uncertainties of life.
Despite the suggestion seeming easy to follow, many would struggle to get started. Here’s where Savvy, a financial management app, comes into picture that gets you started on your financial journey with simple and easy steps without overwhelming you with options.
Your money manager
Savvy helps you save money if you delay your savings or are unaware of how much to park. With just one tap, you can save as much amount you want to at any time. Moreover, Savvy incentivises you with rewards and scratch cards, every time you hit the save button. You can either save manually or automate your savings.
As your personal financial manager, Savvy also helps you to assess your risk and investment profile in a very simple way. You simply have to list down your financial goals and the app will show curated investment options that will help your money grow in a stable manner within the set timeframe. You can set several short and medium term goals, from buying a car, to buying a gift for your loved ones, to planning an exotic vacation. You can also set long term goals such as children’s education, retirement planning and building wealth.
Getting started with Savvy
After downloading the free app, which has a 4.4 rating on the Google Playstore, you just have to follow four simple steps and get your finances in order.
1. Enter your phone number
2. Choose your goals- Simply Saving OR Saving for a purpose
3. Choose the amount you can save comfortably, daily, weekly, monthly, one time or whenever,
4. Complete simply KYC as required by SEBI on the app itself within 20 seconds
5. Start saving money for your financial goals.
Basis your inputs and the simple two-question profiler, it displays options such as mutual funds, FDs, that can help you achieve your goals.
It also sends a Whatsapp message about the investment and you have constant support through their customer care service. Also, you can withdraw your money whenever you want – giving you complete flexibility and liquidity.
Sailing through tough times
The year 2020 was riddled with uncertainties, resulting in shutting businesses, pink slips, and job losses. Going forward, one must be better prepared in life. To handhold you through difficult times, Savvy also provides unique Job Loss Insurance to its users that provides protection against this eventuality.
In case a salaried person loses their job during the policy period, a lumpsum benefit of *three times the gross monthly salary will be paid to the insured person. The amount can help covering day-to-day and emergency expenses or even pay EMIs.
Effortless and convenient
Besides giving you a hassle-free saving and investing options, Savvy helps you build financial discipline, which has various long-term advantages. Savvy breaks down big goals into smaller steps to make it tangible and easy to achieve.
It also saves you from taking short-term loans, which can be heavy on your pocket and credit card rating, inducing further financial stress. Thus, the app helps you move away from stressful behaviour.
Secure and trustworthy
In financial matters, trust is one of the key factors. With Savvy app, you can be assured about safety and security. To protect your savings, investments and insurance, and ably guide you on money matters, it has partnered with trusted names like ICICI Prudential Mutual Fund, Axis Bank, and Chola Mandalam MS. Savvy also has a team of experienced financial professionals who safeguard your interests.This is a partnered post