Saving - is putting money aside, bit by bit.
- By Jean Folger Updated Feb 27, Money that is considered savings is often put into an interest-earning account where the risk of losing your deposit is very low.
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You usually save up to pay for something specific, like a holiday, a deposit on a home, or to cover any emergencies that might crop up, like a broken boiler. Saving usually means putting your money into cash products, such as a savings account in a bank or building society.
Comment Synopsis To negate the impact of inflation, it is important to look out for better alternatives and investment options other than savings account. ThinkStock Photos Equity schemes are categorised according to market capitalisation or the sectors in which they invest.
Investing - is taking some of your money and trying to make it grow by buying things you think will increase in value.
For example, you might invest in stocks, property, or shares in a fund. Who should save?
Not sure how much you spend every month? Use the Budget planner to get a clear picture depost our quick money on investments your finances and work out where you might be able depost our quick money on investments cut costs. Setting up an emergency fund Everybody should do their best to build up an emergency savings fund.
This should include rent, food, school fees and any other essential outgoings. Your emergency fund means you have some financial security if something goes wrong.
Set yourself savings goals and put away enough to buy what you want. This could be a house deposit, a wedding, or a trip.
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You could also start to think about investing your money. For example, getting your debts under control. Do you need life insurance?
Put your money to work for you
Are you ready to invest? Whether or not it makes sense for you depends on your goals — specifically if they are long, short, or medium term. Short-term goals - are things you plan to do within the next five years.
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Medium-term goals - are things you plan to do within the next years. Short-term goals For your short-term goals, the general rule is to save into cash deposits, like bank accounts. The stock market might go up or down in the short-term and if you invest for less than five years you might make a loss.
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However, bear in mind that your savings will still be at risk from inflation. This is where the interest you earn on your savings fails to keep up with the rate of inflation so the buying power of your money is reduced.
Longer-term goals? For longer-term goals, you may want to consider investing because inflation can seriously affect the value of cash savings over the medium and long-term. The stock market tends to do better than cash over the long-term providing an opportunity for greater returns on any money invested over time.
You can lower the level of risk you take when you invest by spreading your money across different types of investments. This is called diversification.
Read our guide Diversifying — the smart way to save and invest. Getting advice When investing it make money after 50 a good idea to consider if you would benefit from professional advice from a regulated independent financial adviser. A look at some goals — save or invest?
Who should save?
Goal Save or invest? Buy a new car Your old car is ready to give up the ghost — you need a new one within a year. Your child is older — a couple of years away from getting married. Invest Set your savings goals As you can see from the table above, you probably have quite a few financial goals.
If your finances are fairly simple, learn How to set a savings goal. Did you find this guide helpful?
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