Category Archives: Saving for the Future

Tips to Invest your savings

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.

Save and Invest
Investment is the future of savings

 

 

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.

Teaching your kids how to save

I’m going to be very frank- it is not particularly easy to start saving. Most people need to have it within them to start saving money, or they will be spenders for the entirety of their life. It might be too late for you, but there is a chance your kids could be big about saving money when they grow up. All you have to do is encourage them into saving some money from a very young age.

You are probably giving your children some pocket money. What I did with my daughter was I started giving her a tad bit more money than I thought she would spend, and started encouraging her into saving the money she had not spent at the end of the week. I also followed a weekly pocket money schedule, because I felt like she might feel the compulsion to spend more money if I gave her 30 days to buy whatever she wants.

Teaching children how to save

I also started a bank account for her, and made sure she knew exactly how much money was going in there. She was rather happy to realize that there was a significant amount of money in an account- money that was only hers. Of course, I would also let her buy something special for herself once she had saved up enough money- something that was kind of expensive, but would not require all the money in the account.

She’s not old enough to be earning right  now, but I’m sure she will be much better at saving money than I ever was.