How to Save and Invest Money as a Beginner
Many people want to save and invest but have no idea how to start.
Knowing this, we hosted an Instagram Live video with Sharon Ephraim to address how to save and invest as a beginner.
Sharon Ephraim is an actress and content creator. This post is a summary of her views on how to save and invest as a beginner which she shared on the Instagram live with us. The following points are the four key tips she highlighted.
1. Start small, according to your income level
Savings are amazing! Saving gives you options. No matter how high or low the money you make is, be committed to saving a percentage of it every month in an account where it can accrue interest a.k.a Pettysave. You could save 5%, 10%, 15% or more depending on what you feel works best for you based on your income range and your living expenses.
2. Don’t be afraid to invest, just do a background check beforehand
Don’t allow the fear of ponzi schemes deprive you of the immense long term benefits of legitimate investments. It is best you do your personal due diligence on whatever investment you plan to make before starting. Check the internet for warning signs, security information, terms and conditions and other material that can help you determine the safety of your funds before investing. A good place to start investing is on pettysave. Here’s a guide to investing.
3. Instead of buying stuff immediately, save towards it
Hit your goals directly by using the Pettysave Target Save feature, whatever your target is. Yours could be for a new generator, flat screen TV or even…a weave. Just make sure you do this after you’ve covered all the essential bills. Sometimes, it is even more advisable to save for what you want over a few weeks or months so that you don’t take a large chunk out of your funds and find your account crippled at a point of dire need.
4. Build an emergency fund
An emergency fund is basically money you put aside in case any unexpected and/or unpleasant situation comes up to put a strain on your finances. Therefore, it should be built consistently over time and only tapped into in cases that can actually be termed ‘emergencies’ such as accidents, robbery, job loss, natural disasters, pandemics or other health issues. Here is a simple guide on how to build an emergency fund.
Pettysave enables you to attain true financial freedom through savings and investments which can be scheduled conveniently. The app helps you to plan your finances, save towards life goals and invest in minimal risk investment options.
Get started on Pettysave and start earning interest on your savings and returns on your investments today!
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