Smart Saving and Investing Tips

Tuesday, October 23, 2018, 6:00 AM | Leave Comment

For those who have had their share of loss during the economic crises a decade ago, the importance of saving is more than obvious.

However, for those who spend their days surrounded by abundance, it may be difficult to image just how essential the ability to save up and invest wisely can be.

No matter what you do and how financially stable your life may currently be, you can ensure your future by knowing how to cut unnecessary expenses and recognize smart investment opportunities.

If you are looking for inspiration when it comes to mastering the art of both of these skills, look no further: the following tips will get you started on both fronts and help you build up your financial stability over time.

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  • Start by saving

    Every time your monthly paycheck comes in, it’s all too tantalizing to go treat yourself to a massage or buy a new gadget for your office. Despite the temporary sense of satisfaction, it’s far better for your wallet to practice some self-discipline and postpone that momentary gratification for the sake of a long-term game plan.

    No matter how hefty or how modest your income may be, every time you get your paycheck, set aside a designated sum of money. Whether you transfer it to your savings account or put it in your own safety deposit box, it’s important to put it away every month. Pick an amount that will not hurt your monthly budget, but one that you can actually feel both as an investment and as a temporary saving scheme.

  • Invest in things that last

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    Photo by Hunters Race on Unsplash

    The stock market and the forex trade aren’t the only ways to put your money to work. In fact, by refining your shopping habits, you’ll learn to invest in yourself and your future, and not just spend money on random items that have a seasonal, transient appeal. For example, when you build your wardrobe, choose garments such as men’s suits and ties that will last you almost a lifetime.

    Follow up with accessories such as men’s wallets that will go with everything you own, and durable, stylish shoes you will wear for years, and not just until the next season’s trends come swooping in.

    It’s essential that you start asking valid questions when you’re renewing your personal inventory: will it last? Will it serve a purpose? Will I have to replace it in a few months? Let go of trends and fads and buy things that reflect your personality and your values.

  • Look at the little things

    We don’t tend to buy a new couch or remodel a bathroom every two weeks, but ordering fast food and getting our dog groomed are far more regular occurrences, much like many other “little things”. These little, lifestyle expenses are not something you feel as an actual expense, so you dismiss it as something that has no impact on your overall budgeting ability – and yet, it’s precisely these things that make a huge difference.

    First, take a closer look at your spending habits and determine which of them you can limit or eliminate and replace with something more affordable. Letting go of purchased pastry and Starbucks coffee is something you can definitely live without and replace with, for example, a fresh apple, a banana, and your home-made brew.

    After a few months of consistent change in behavior, take a look at your expenses and you’ll see the improvement. You can even put all that money aside every time you’d make a meaningless buy and put it to better use.

  • Build an emergency fund

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    Photo by rawpixel on Unsplash

    Our economy is far from ideal, and in such a competitive, constantly fluctuating environment, it makes sense to plan for the worst outcomes. You may be a valuable employee now, but what would happen if you lost your job? Or needed major surgery? Hopefully, it will not come to that, but relying on your income for such expenses would not be wise, or viable, hence the need for an emergency fund.

    If you have a family, every member of your household can “pitch into” that fund of yours, to make sure it’s growing constantly. For those who have the habit of taking out small sums of money for occasional expenses – it’s a surefire way to ruin your savings efforts, so build a fund that you cannot dip into whenever you please.

  • Learning is priceless

    Finally, this little pearl of wisdom is twofold.

    Firstly, you need to be informed as to the latest market trends, diversify your investments and make sure that you know how the economy is changing and how those changes could affect you.

    Secondly, investing in skills and knowledge is never a mistake, but you need to make informed decisions and invest in classes, courses, and certificates that will give you another source of income. Diversification is the key to smart savings as well as better investing habits, so keep learning and you’ll truly master them both.

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