It’s a simple question and for many of us with a monosyllabic answer – SPEND IT!
Yes, we can spend our money but we can also –
- Save it
- Invest it
- Gift it
- Lend it
- Waste it
- Borrow it
There is so much that you can do with your money. The response to what you should do with your money is not going to be all of the above!
If you have recently become independent with your money then spending is likely to be on the top of your list. Before you go about spending it all, make sure to have two sides – needs and wants. Pay more attention to your needs, the wants can follow slowly.
Before you spend, the first step really should be to save. Vow to save every month or whenever fresh income comes in. Save before you begin spending.
Leaving your savings in your bank account is not worthwhile. So, invest what you save. To ensure the discipline of investing regularly, simply automate the process just like you would your morning wake up alarm.
Once you have saved, invested and spent on your needs, you can now focus on your wants. After all, you have to use your money to have fun too!
Of course, never waste it, try not to borrow it, gifting is fine after you have saved and lending it – well that’s a tricky business to be in – just ask your bank!
Have you been in the midst of a financial crunch or had the desire to make a big-ticket spend, but realised your savings are not enough?
Have you heard someone say, you must get insurance done? Have you heard others say that insurance is useless and unnecessary, just buy equity stocks instead?
You invest to earn a return. Hence, you need to know the key factors that can impact your An investment is made to give you a return. You make an investment if you use your money to buy either physical assets like property or financial assets like bonds and equity with an aim to receive income or gains... More return. The first thing you have to watch out for is the QUALITY of the asset you invest in. A good quality An investment is made to give you a return. You make an investment if you use your money to buy either physical assets like property or financial assets like bonds and equity with an aim to receive income or gains... More may falter but usually, over time, returns will…