We have different reasons why we want to save our money. Some for school, some personnel reasons like buying clothes, books or anything they need.
You can also save for the future. I can recall in my early years in high school, I was just discussing in class with my friends and I said I don’t want to spend all my money but rather save some and use some later at the end of the term to buy something nice for myself. That’s how I started a small saving group with my friends in school then.
You can read: How to save money with low income
Table Of Content
How much you should save each month
Why you need to save money
Do you need to save monthly?
What’s the difference between saving and investing?
When do you need to start saving?
Is it better to invest than to save money
What does saving means?
Table of Contents
Do you need to save monthly
Saving monthly is an option. Saving generally is an option for you. You have to check if it’s okay for you to save monthly or you save bit by bit in some months and increase it in a later month. But the ideal thing to do is save every month.
What’s the difference between saving and investment
Saving for me is keeping some part of your money in a secured place without spending it. It is saving with an expected end in mind like a goal. An example is a person saving for retirement. We hear this all the time that we should start saving for retirement on time so we won’t be in financial crisis in our old age.
How much money you should save each month
Unlike saving investing is quite different. Investing in a layman term has to do with building wealth. Investing shouldn’t be for “getting money rich quick scheme” but to build wealth in mind and thus it takes time.
There are several forms of investments; we have buying company shares, stocks, Assets and so on.
When do you need to start saving
I heard from someone that you should start saving the first day you came to earth. Its funny, right?
You can save to start investing. That is why you save with a goal in mind. You might not have the 1200 dollars to invest in a share because of other expenses you have, but if you can save for it subsequently, you can save up for it.
So, you should start saving now.
Is it better to invest than to save money
What does investing mean? It means building wealth. It has to do with saving money with the hope of receiving a bountiful return to enable you to buy assets or more investment.
What does saving mean
Saving means keeping money for the future or unforeseen activities.
