It is good to know what type of spender you are so that you can anticipate your behavior for when it comes time to reconfigure your financial plans.
5 ways you can take care of your money
More important than the effort to save money is how you can take care of them. Whether that means consuming what you need, investing in something or simply continuing to gather for the dark days.
So we have prepared 5 ways for you to take care of your savings:
- Invest your money in an online business , with minimal investment and easy to control, with future actions easy to reconfigure and adapt to the market. Taking care of your money also means using it to multiply it, so you can start making a plan, starting from an idea: what you would like to do. Online businesses require fewer resources than offline ones, so the risk is lower and so is the budget.
- Choose an investment fund for the future of your money. Thus, together with several investors, with the help of Investment Management Companies (SAIs), you can multiply your money by investing in powerful financial instruments (buying shares of companies, bonds, government securities, etc.). It is a very advantageous choice, starting from an important aspect: SAI provides a team of specialists and a consistent portfolio with previous experience, so the efforts are not on your shoulders. Here we can also include government bonds, which is the safest way to invest, for the trust and guarantee of the money you offer. If you still don’t feel ready for your own business, but still feel the need to do something with your money, choose a financial collaboration with the state. Who knows, it may whet your appetite to sell your bonds later.
- Another solution to save and take care of your money is bank deposits . These are of different types, but each of them comes with advantages that encourage you to secure your money in a mature and modern way. And the interest it offers allows you to increase your savings, without too much stress and worries. Banking institutions have developed their product portfolio precisely to educate us financially and to get rid of “keeping money on the mattress”, a much more vulnerable way to consume or lose our savings. So you can consider the bank a reliable partner for taking care of your money.
- Life insurance or private health insurance are two very important, useful and huge benefits investment directions. Financial investments are not just material, they are meant to offer in return a combination of benefits, advantages and effects that will improve your quality of life and provide you with security. It’s a way to take care of your loved ones, your accomplishments, and your long-term plans. Especially since life insurance is divided into 3 categories with different effects: protection, saving and investment, so you have a choice on your interest.
- Investing in real estate is still in high demand because it offers something tangible, which does not devalue so easily and strongly (except for financial crises), with the help of which you can later generate other income (eg rents). Even if you do not have the amount of money corresponding to a real estate investment, you can opt for a mortgage loan or another specific banking product. And then to rent the property, an action with which you will most likely be able to pay your monthly rate, but also save a difference in money.
A recent study on the financial behavior of Romanians shows us very clearly that half of us would choose to deposit a monthly amount in an account, while a little over a third would prefer to keep the money at home. And the percentage differences go to investments in life insurance and investments in the stock market.
Preventive behavior is part of the maturity of a decision, but do not forget that banks are a resourceful partner for our development and financial security.