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Savings vs. Investments: Do You Know The Difference?
Savings vs. Investments: Do you know the difference?
Savings vs Investment – Is saving equivalent to investing money?
The answer is NO.
We make the biggest and the most common money management mistake by not understanding the difference between saving money and investing it. Although most of us use these two words interchangeably, saving and investing are two entirely different things.
Don’t get confused. We’ll help you figure out the differences with this article. By the end of this article you should know the unique differences between savings and investments, and the right places to save and invest your money.
Like it takes two to tango, you need to balance your savings and investments well to manage your money efficiently.
How are savings different from investments?
Now that we’ve differentiated between savings and investments, it will be easier to decide which one to choose.
Before you make any investment or save any where, kindly consider the following but we’ll recommend you save with ALAT because there are various savings options;
- Only go for an investment option after you’re sure that you have enough savings or income to meet your daily expenditures, installment payments and other expenses.
- Your investments can often be subject to market fluctuations, so make sure you don’t invest unless you’re financially ready and well educated.
- Keep your financial roadmap in mind. It will help you decide whether to choose a short-term saving or a long-term investment option.
- Always take well-calculated risks when it comes to choosing the places to invest.
- Always keep an emergency fund in place, it will make your life simpler in case of emergencies.
- Before making an investment, make sure that you avoid circumstances that can lead to fraud.
Do you want to get started with saving now?
ALAT simplifies finances by providing an automated process. All you have to do is;
- Download the ALAT app from Google Play Store or Apple App Store and log into it
- Click on create Account and select Savings Account
- Follow the prompts. Be ready to input and upload necessary information such as BVN, photograph, Signature, Valid ID card, etc.
- Once your application is successful, your account information will be sent to you.
For more help, click here or contact help@alat.ng.
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