The money standing in your account is actually decreasing. Inflation is taking its toll on your savings. So how do you improvise to keep your savings from being eroded.
Here are a few tips which will help you.
- Take care of the inflation – Invest a part of your savings in stocks. Always invest for a long period and you will get the returns. You can invest in Ferratum which is a good option now. It will also help you get loans when you require it,
- Build a portfolio – Never ever invest in a single company or industry. Also take care to spread your investment over a range of investment products like Mutual Funds, Stocks, Debentures etc.
- Assess the risks – Before investing you need to assess the risks associated with a particular kind of investment. It is an essential if you want to be in right financial health after 10 years.
- Not Investing carries more risk – Always remember that investing makes you risk averse rather than expose you to risk. If you do not invest now you will face the music later.
- Do not wait too long – Markets always rise and fall. That is the way they work. So do not put off investing for too long. Start today. Time is the secret to growth. The more time you give your money to grow the better growth it will show.
- Start investing in small amounts – This is the recipe for success. Start with 10% of your savings. As your experience grows increase the share. Never invest all you have.