Save or Invest ?
Which is better ?
So, What should you do ?
Let us understand.
Saving is mainly done for
1. To meet an Emergency: In case of any urgency, the liquid cash saved comes handy to use.
2. Pay Bills: The monthly bills- electricity, water etc are paid from our monthly savings.
3. Household Expenses: Our everyday household expenses, which includes grocery, maintenance, repair etc. are met with our savings.
4. Loan Re-payment: When it comes to loan re-payment, which may be credit card loan, home loan, personal loan, mortgage loan or any other. All loan payments are done from our savings.
And, Investment is done
To meet a specific future goal like
– Retirement Planning
– Child Education Planning
– Asset Building (Buying a house and Car etc)
So, how do we decide whether saving is better or investing.
Let us take a middle path.
Invest for your Future Financial Goals & Save for Monthly Expenses.
Also, Systematic management of money is very important for a secured financial future.
As investment consultants, we make sure to manage our clients’ money in a manner which brings both security and good returns while also fulfilling their major goals.
Some points to note when managing your money are:
- Know your current financial situation.
- Keep account of every penny spent.
- Set a clear financial goal.
- Take consistent steps to reach your goal.
- Review your investments from time to time and make changes, when necessary.
- Stay updated with the upcoming investment opportunities.
- It is important to invest according to your set goal.
So, The correct way to manage money is to follow the correct steps as follows:
Salary/ Income >> Save/ Invest >> Pay EMIs/ Bills >> Spend
If you want help to make a monthly budget of your savings and investment for any of your goals, contact Financial Friend at 9460825477.
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