Savings & Investments
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 offers its own benefits but some advantages – which is why we’re offering some top tips to help you make a financial decision.
Why Save?
Savings are an excellent way to add some security to your lifestyle. By putting away a little or a lot of cash 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 even retirement in luxury senior care like Chelsea Senior Living (chelseaseniorliving.com/locations/new-york/greenburgh/) or somewhere similar. Well, these are some long-term goals that people typically save money for. However, saving can also cover the costs of short-term goals like getting the roof repaired, and siding replaced (by seeking the help of handymen at https://www.orlandosidingcontractor.net/) or getting the front door replaced with an automated alternative. That being the case, only you can figure out what are your priorities for which you may need to save money.
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 payday 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.
Why Invest?
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.