Musings: Savings and Investments

Ever heard of saving? It’s not just the wise move you do when backing up your computer files. It’s the good habit that you should practice for your future—saving your money.

 You may be earning more than what you expect or need to in the present and you might be unconsciously spending it not-so-wisely today. Careful… that spells trouble for the upcoming days because you might be needing the funds sometime soon, but the problem arises when you haven’t got any spare money on the side.

Need more reasons to save up? Here they are:

1. Emergency Situation

Nobody is ever prepared for an accident or any natural disaster. To make it easier for you to deal with this, it’s a good thing to save up for an emergency fund (EF). Start setting aside a percentage of your income to your EF in case something bad (or really worse) happens. That way, you won’t be begging for someone or an institution to lend you some money on such a short notice.

 2. Investments

Save not just to save. Save to invest. The trick is not you working for your money but your money working for you. But before investing in something, be sure to know the basics of the trade.

 3. Retirement

You’re young now, but give it time, and one day, you’re going to eventually hit the big 6-0 mark ((God-willing!!). By that point, you should not be working so much to earn a monthly income, but rather you should be reaping the fruits of your labor of yesteryears. You only get a good retirement if you’ve planned to have one all along. And that means doing it and saving for those magical years as early as you can.

We’ve given you tips, now it’s your time to follow them. When do you start saving? NOW.