Tips on how to get started
There is a popular saying that “money does not grow on trees. This means people should be cautious about spending all their money without setting some aside for the rainy days.
Figuratively, money grows like trees because it is a seed that needs to be planted to grow and bear the fruits of your labour. Nevertheless, for the seeds to grow some vital elements must come into play.
Savings As The Good Soil
For a plant or tree to grow, it must be planted on good soil, a storehouse of all the vital elements it needs to flourish. Your savings are similar, because, without savings, all your money will be spent.
A great way to avoid this is to apply the 50:30:20 budgeting rule, which states that 50% of your income is set aside for all needs, 30% for your wants, and 20% for your savings. For instance, if your monthly income is ₦ 500,000, about ₦100,000 is the amount to set aside for your savings.
More so, the place you keep your savings is equally important. Keeping money in a traditional bank account only depletes over time due to bank charges and inflation.
A great way to avoid this is to save your money in a high-interest savings account. for it to grow. For instance, if you save ₦1,000,000 for 365 days with Aladdins Fixed savings account, you will grow your savings to ₦1,160,000 in 365 days.
Investment is like Water, Air & Sunshine
If your savings is the good soil upon which your money is planted, investment is the water, sun, and air that makes your money grow.
A high-interest savings account is best for your money to grow in a short time, however, it loses its purchasing value because it’s not hedged against inflation.
This is why it is recommended you set aside a part of your savings to invest in various portfolios to give your money the potential to grow faster.
It is also important you research any investment you are interested in by ensuring it’s is secure and safe.
You can learn more about our high interest and secure investment offer, AladdinVest gives 24% interest in 365 days on your Investments.
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Save, borrow, pay, and invest with us. Visit aladdin. ng to get started today.