The high inflation rate of 5.2% that we experienced last year made me realize the need for savings or investment alternatives that can help our money grow. Although we aren’t financially challenged, saving up for the future is also a priority. With inflation hikes like this, setting aside funds simply isn’t enough anymore, we also have to find ways to make our money work for better returns. For me, this means making use of several investment tools to address our different financial needs.
Here are 3 savings and investment tools that I opted for:
Savings Account. This is a basic tool for anyone who wants to make their money work. Ideally 50% of a person’s monthly salary should be allocated for savings and wealth management tools. Experts recommend that 20% be placed in savings and the remaining 30% in other investment tools. A savings account from reputable banks can help you develop the discipline to save money regularly and use it for planned expenses or emergencies. There are different types of savings account available today with varying interest rates. I suggest you discuss options with the bank manager or customer relations officer so you can get the best rate and product for you. However, don’t expect your funds to grow significantly in a savings account. The interest earnings of these accounts are quite minimal and can barely cope with the inflation rates. But still any additional earning from interest is better than none.
Insurance Plan. Unexpected losses or illnesses can drain your funds real fast. As such, it is never a waste to put your money in insurance products that also comes with investment yields. These are products that usually include insurance coverage and a maturity benefit that you can enjoy after 10 years or more. There are also some products that give out dividends to the plan owner or insured even before the maturity date. The insurance aspect gives your family a sense of security in case of untimely loss of breadwinner while the investment aspect ensures that your money grows as your plan matures.
Stock Investments. If you are looking for higher yields and faster money growth compared to traditional bank products, then stock investments are the best option for you. However, one should also be cautioned that stock investments also come with risks of losses. As such, it pays to learn the ropes before diving into the market. But don’t let yourself get intimidated by the thought of stock trading, you’ll find that it’s quite easy to get started in stock investments. Plus, you don’t have to be really smart or have a lot of money in stock investing.
There are several tools that you can use to learn the basics in stock investments. In my case I booked a free seminar from 2TradeAsia and discovered the ease and convenience of trading stocks.]
2TradeAsia is a user-friendly app that allows you to buy stocks and invest your money through your mobile devices. This simply means you can trade anytime anywhere without necessitating a visit to your bank or a call to your broker. For newbies like me, the free seminar really helps to get you started. There are also chart patterns and trend reports that you can use to help you make trading decisions. Another nice thing about 2TradeAsia is that they give you price alerts so you don’t have to be glued on your screen for price changes. Plus, you can also have a chat with their friendly team members if you need help in finding a strategy.
In case you are interested to open an account with @2TradeAsia, here’s a list of what you need:
Making your money work for you is a great way to ease the effects of inflation in your budget. Not just that it will also help you achieve your financial goals much faster. I am still getting the hang of stock investments with 2TradeAsia and I find it really interesting. I never thought that a simple mom like me can also buy stocks from big business names like Jollibee, Metro Pacific Investments Inc., and Robinsons Land Corporation. Although I am excited with the gains, I am also aware that there are risks of loss in this type of trading. As such I make sure that my savings and insurance allotments are safe already before placing any additional investments in stocks.
You can also discover the value of these investment tools to help your money grow. Book your seminar now by messaging them on IG or Facebook.
Kaye Figuracion
