Do you save your money in the savings account like most of the people??
And still wonder that you are struggling to save money and accumulate a handsome amount?
If yes, then you are getting trapped and becoming a victim of INFLATION...
YES,
The interest you get from saving account is roughly 3-5% and the Inflation rate is around 6%.
That means the value of your money is continuously going down with time.
The Question is, What should we do?
This what you should do...
- Plan your finances before hand and make a note of your expenses every month.
- When you earn, save the money first you want to save and then spend the remaning amount on the expentiture
- Now, INVEST the saved money in FDs, PPF, Mutual funds, Gold bonds, Stocks, Real estate etc depending upon your capacity.
These investments have interest rates and returns HIGHER than the rate of Inflation, and also, if you invest in these, your money is earning money for you.
And, it grows with time unlike the money in the savings account.
So, make a road map for your investment and savings goals and start putting actions.
Always remember:
✔️ Save to Invest
✔️ This is something not everyone tells or talks about but holds very important place.
✔️ Do not buy things to impress people you don't like. This is just waste of your money and time.
✔️ Improve your financial knowledge.
Did you know this before?
Comment and let us know what you think!
PS: Investments involve risks. Kindly learn about the investments before investing.
There are low risks investments as well. Research before you start investing.
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Cheers ✌
Best Regards
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