Investment and Saving tips for beginners

To save a penny is to make a penny, which is an old expression that has always been effective. To increase wealth, you need to do investment for part of your income in high-yield investments. Some simple steps to save money in daily life even while spending money are explained ahead. As a beginner or any other person, you need to firmly control three areas: expenses, borrowing, and investment. Finally, you will spend on basic needs and auxiliary costs, and ultimately borrow and invest to achieve your life goals.

Start early- You want to start saving as soon as possible. Even small savings can not only cultivate habits but also give you a good start. In the long run, the power of compound interest will benefit you, and you can see your savings grow exponentially.

Save first, then consume: The general rule of saving is to spend the remaining money after you accumulate some income. If you spend the rest before saving, you should reverse the process. This might become a problem in the near future.

Check bank account- Most of us have more than one bank account. Monitor your bank statement to see if charges have been withheld for various reasons. See if the bank can cancel and take action about them. You can also take action to prevent banks from repeating their mistakes.

Term insurance: If you are financially dependent, please purchase appropriate life insurance, preferably term life insurance. You will also have to purchase health insurance for all family members. The premium of this insurance is very low, and you can ensure that your savings will not be compromised in an emergency and that your family’s life goals will not be affected.

Credit card fees- If you are used to increasing credit card commissions every month, then you will seriously damage your financial situation. Some cards have an annual interest rate close to 40% or more. If you do not refund in full, there is no interest-free period for subsequent purchases.

Housing loan: If you already have a housing loan, please continue to repay the loan in advance and don’t wait until it expires according to the original term. The sooner the loan matures, the more savings are available to pay interest.

Digitization: If possible, use digital shopping platforms, whether for personal use, electricity bills, or even for life insurance.

Read More: The best flagship smartphone: iPhone 12 or Samsung S21

Get in Touch

Related Articles

Nigeria: LAUTECH directs students, staff to pull off from strike and resume academic activities

The managing authority of Ladoke Akintola University (LAUTECH), Ogbomosho, has directed the students and staff of the institute to renew academic activities while ignoring the strike of the continued Academic Staff Union of Universities (ASUU).

I’m passionate about Nigeria, says former Prez Obasanjo

Olusegun Obasanjo, Former President of Nigeria, stated he is 'mad' about the country and has no apology for being most passionate about Africa's most popular country.

South Africa’s government cancels R22 million monumental flag project following criticism, says sources

Nigeria's Department of Sports, Arts and Culture (DSAC) stated that it was reviewing its plan to construct a 100-metre tall 'monumental flag' worth R22 million on Thursday, May 19.

Get in Touch

0FansLike
0FollowersFollow
0SubscribersSubscribe

Latest Posts

Nigeria: LAUTECH directs students, staff to pull off from strike and resume academic activities

The managing authority of Ladoke Akintola University (LAUTECH), Ogbomosho, has directed the students and staff of the institute to renew academic activities while ignoring the strike of the continued Academic Staff Union of Universities (ASUU).

I’m passionate about Nigeria, says former Prez Obasanjo

Olusegun Obasanjo, Former President of Nigeria, stated he is 'mad' about the country and has no apology for being most passionate about Africa's most popular country.

South Africa’s government cancels R22 million monumental flag project following criticism, says sources

Nigeria's Department of Sports, Arts and Culture (DSAC) stated that it was reviewing its plan to construct a 100-metre tall 'monumental flag' worth R22 million on Thursday, May 19.

Nigeria: Families of kidnapped victims warns authorities regarding resumption of train services

Families and friends of the victims of the unfortunate Abuja-Kaduna train attack have now warned the Nigerian Railway Corporation (NRC) not to test their patience regarding the scheduled resumption of trains at the same route where the kidnapping took place.

World Bank to fund $30 billion for existing, new projects in Nigeria, others

The World Bank is all set to fund $30 billion in new as well as existing projects in Nigeria and other nations as part of a global response to battle the continued food security crisis.