WATFORD
Valued Contributor
I totally do not agree Saving money with family or friends because it's a risky proposition as it may lead to strained relationships if something goes wrong with the investment or if one party is unable to pay back the money. It's generally advisable to keep personal finances separate from personal relationships. If you don't want to spoil your relationship with family or friends, avoid saving your money with them.
Instead of saving money with family or friends, saving money with a reputable financial institution, such as a bank or credit union, then it can be a good idea to save your money. These institutions offer various savings accounts and investment options, and they are regulated to ensure that your money is safe and insured. However, it's important to do your research and choose a reputable institution with a track record of stability and good customer service.
Sure, here are some additional considerations to keep in mind when it comes to saving your money with people:
Trustworthiness: It's essential to trust the person you're considering saving money with, as this involves putting your hard-earned money in their hands. If you have any doubts about their reliability, it's best to reconsider the decision. You'll have to check the lifestyle of the person you're saving your money with, how the person spend and all of that. Doing this will help you decide if you're to save your money with him or her.
Legal agreements: If you do decide to save money with someone, it's a good idea to put the terms of the agreement in writing and sign a legal contract. This can help protect both parties and ensure that everyone is on the same page about expectations and responsibilities.
Communication: Open and honest communication is critical when it comes to saving money with someone else. Make sure to discuss how the money will be used, when it will be paid back, and what happens if there are any delays or problems, and you must act when the problem occurs.
Overall, i said earlier that I don't buy the idea of saving my money with family or friends because it scatters relationship.
Instead of saving money with family or friends, saving money with a reputable financial institution, such as a bank or credit union, then it can be a good idea to save your money. These institutions offer various savings accounts and investment options, and they are regulated to ensure that your money is safe and insured. However, it's important to do your research and choose a reputable institution with a track record of stability and good customer service.
Sure, here are some additional considerations to keep in mind when it comes to saving your money with people:
Trustworthiness: It's essential to trust the person you're considering saving money with, as this involves putting your hard-earned money in their hands. If you have any doubts about their reliability, it's best to reconsider the decision. You'll have to check the lifestyle of the person you're saving your money with, how the person spend and all of that. Doing this will help you decide if you're to save your money with him or her.
Legal agreements: If you do decide to save money with someone, it's a good idea to put the terms of the agreement in writing and sign a legal contract. This can help protect both parties and ensure that everyone is on the same page about expectations and responsibilities.
Communication: Open and honest communication is critical when it comes to saving money with someone else. Make sure to discuss how the money will be used, when it will be paid back, and what happens if there are any delays or problems, and you must act when the problem occurs.
Overall, i said earlier that I don't buy the idea of saving my money with family or friends because it scatters relationship.
