There is often a quandary as to whether we should save our money or invest it. Savings offers security and comfort, whilst investments could be as lucrative as they are risky. Each offer their own benefits but some advantages – which is why we’re offering some top tips to help you make a financial decision.
Savings are a great way to add some security to your lifestyle. By putting away a little or a lot of cash away each month, you will soon build up a large amount of money in your savings account – which can be used as a nest egg, towards a new car, dream holiday or home renovation.
One of the best ways to save is to treat each monthly amount as a bill, setting up a standing order so the money is automatically removed from your account – so you will account for it each month, instead of keeping it in your account before spending it. Set up the standing order on pay day so you’re not tempted to spend it a few weeks down the line. By placing your savings in a high interest account, you can help grow your finances, but the interest rate will determine the growth.
Investment offers less security than a savings plan, but can help you make a significant financial gain, but only if you invest well. Should the investment fail, you could lose the entire amount you put in – so you have to be 100% confident before you embark on such a gamble. You could lose everything; you could even double your money – or you might walk away with the same amount you put in.
It’s your call. Why not contact our investment team here.