SAVING AND INVESTING FOR YOUR FUTURE

SAVING AND INVESTING FOR YOUR FUTURE  

 Saving and investing are two different concepts , but in practice . They are closely related to each other . Typically , we save first before we invest , Saving is setting money aside for us at a later time . Investing is using resource ( usually money ) with the expectation that it will generate increased income or grow in value . 

1. WHAT HAPPENS IN AN EMERGANCY ? 

Sometimes , it's hard to imagine where you might find money to save . Start by taking a look at your spending and saving plan . You may decide to prioritize your spending differently , Cut current expenses , find additional income, save gift money, bonuses , income tax refund , or something else, depending upon your goals . 

2 . MAKE A PLAN AND STICK TO IT . 

There are many different ways to save money to meet your needs and goals . Some examples would include automatic saving , saving coins , banking savings on coupons or refunds . Just think about what works best for you . One suggestions is, that when you receive money , '' pay yourself first '' as a way to plan ahead to save money overtime . When you pay yourself first , you put an amount of money away first into savings , before we spending on other items . 

3 . IT IS NEVER TOO LATE TO SAVE AND INVEST . 

Saving and investing are both important to consider in your future planning . Through saving money money , your money is kept safe , and easy easy to access should you need it . By investing early over time , your money grows in value , benefiting from the magic of compounding . 

Remember that investing early , along with compound interest , can result in higher investment amounts versus a late investment start . Take time to think through your savings needs and goals , both now and for your future .