Learning to save is really a must especially for the working-age group. We work to earn money so we can spend and buy whatever we want and whatever we need. But how about during “rainy days”? Do we consider it in the future or just think about the sunny or better days? Of course, we will always be thankful for better days most especially those “paydays” in which we can already grasp our most awaited salary during that period.
Eating at your favorite restaurant or buying your favorite shoes can be a good way of spending your money and feel self-fulfillment after. But are those really necessary? How about if emergencies happen? And if we just work and spend, how about our future? How certain are that the job we have now will still be there tomorrow?
These are some points that I have thought now that I already have my own family. Financial assessment is a good issue that both you and your husband need to talk about because you will now be running a household and even raise children. Having a family can be considered as a new chapter in life wherein you need to have a bigger picture of yourself including your partner and children. Aside from dealing with differences and issues with one another, parents should also learn how to be practical in handling their hard-earned money to make it sufficient for their daily needs and to have some extras for emergency and savings.
This is not easy though since you have been practically living single all throughout your life thinking only about yourself and your immediate family as well. So, one should really be prepared when venturing into a family life because you need to change your lifestyle already for some degree or even to a whole new angle. In handling finances, the couple should openly discuss their financial issues and the proper budgeting to avoid further arguments in the future. You should both set goals for your financial security as well as set up priorities for your spending.
You may have heard about making investments for your future. If you have been working for some time already, probably, you now have huge savings. So it is now high time for you to try investing some of your hard-earned cash. When talking about investments, there are lots of options you can choose from like starting a small business or buying real estate, and other types of investments. But you can also opt to invest in the stock market for the long term or do stock trading for the short term. How do you usually do this? Definitely, investing in the stock market is not that hard but you need to do research first before plunging in so you will understand the context of investing and the dos and don’ts of it.
For me, it is still up to you on what stocks to buy and the timing of buying but it would not hurt to read and read first so you will have a grasp on the right things to do – because it is your hard-earned money after all. But how does one do it and can you really do it and what will be its impact on our savings scheme? Can it really help us in the long run?
Personally, I and my husband have discussed some of our options in saving for our future and looked up some options on YouTube for video materials regarding savings and investing. While researching, we have learned some tips on how to budget and save for the future. And one option would be investing in the stock market. You can also opt to invest in real estate or small business but buying stocks is much cheaper, and easy to trade compared to buying real estate and other forms of investment which cannot be done that easily.
Investing in the stock market is like investing in stocks or businesses listed in the stock market of your choice. You can opt to have a fund manager or you can invest by yourself at a minimal cost through an online broker. You can access different online brokers through the internet and see which platforms suit your taste. They usually offer free trials for prospective investors so you can take the chance and see if stock market investing is good for you. You can start investing once you have already built an emergency fund in cases of job loss or health emergencies. Before investing, you can try to read and research any materials first regarding investing and on what stocks are best for long-term savings or short-term trades.
One advantage of investing in the stock market is that it has a history of higher percentage interest rate compared to bank savings. You may even grow your money twice or thrice compared to savings placed in the banks. It is a good instrument for long-term and for retirement plans in the future since stocks are known to grow at a high percentage interest as years go by. Just don’t let it sit there.
Continue reading about it diligently so you can truly take advantage of growing your money. It may be risky though as stock price fluctuations and economic downfall may happen but with the diligent research, you can possibly avoid these losses and earn gains instead. For beginners, one can choose to do cost-averaging which means that you invest a portion of your income to buy a certain amount of stocks regularly whatever the price of a stock may be. You may then set a price limit of the stocks you bought to ensure your gain. You can start investing a small amount set by the broker and proceed from there.
Investing in the stock market may be easier said than done but it is certainly a good option especially when we have a growing family to take care of and a future to look forward to.