What should I do with my savings?

[King bell]

You could be one of the growing number of people who have seen their money rapidly devalue in the last few months. If you're feeling a sense of impending doom and gloom, don't fret. There is still hope for your future and it starts with saving that cash for a better day--especially now when interest rates are so low.

With your savings, you could still buy a house. More importantly, you can also help yourself prepare for the future and save your family money. Here are one great thing you could do with that cash:


1. Save for college expenses
Recognizing the rising cost of higher education, you might have already set up a trust fund or 529 college savings plan to help your children or grandchildren pay for their school tuition. These are special bank accounts that offer tax benefits to people who save for higher education expenses, including tuition and books.
In addition to federal tax incentives, most states offer tax deductions or credits for contributions you make to qualified tuition plans--great incentives if you want to put some money aside now and avoid any high-interest debt later down the road.

 

[Heartstrings]

This is why it is good and recommended to have plans before you start saving,you don't just save without knowing what you will use the money for.

Is it for your future educations?
For buying a house?
Buying of land property?
A car?
Building a house?
Or setting up a business. There are so many reasons why we save up and it depends on what every individual wants or know it's important to them to do with their money. You can also set aside your savings as a back up plan when you are broke,this is also one of the reasons why spending extravagant is bad. You don't know what the future has in store for you,do not think because you have money now you don't need to save, thinking money will come when needed.

There are many reasons why saving money is needed and important,so choose what is best for you because it will save you from alot of troubles in the future.

 

[eldavis]

The answer to this question stated on the topic of the thread is actually quit simple. It's your savings and you are free to do whatever you think is best with it. Do you have a specific reason why you started saving in the first place, or do you simply save? If you have a specific reason for saving, then I would advice you focus on just that. If there are are no specific reasons you can use your savings for any investment of your choice.

 

[Ithedicious]

The only challenge I have is that I am not able to make the required amount of money I need to plan out my life the way I need . If I am able to make good amount of money at the end of the month there are so many things I would like to spend my money on that can guarantee me of having a better future..

One of the most important thing is that I will save a lot of my money for education and with that I can be able to get the best education for myself . I will also have opportunity to invest in real estate which is among one of my favourite investment and is something I have been planning to do for a long time.
I Don't have any problem with what to do with my savings , but how to make this money is the problem.

 

[Mika]

Generally speaking, there are four purposes of saving money. First and foremost, you should save money so that you will have money during your emergencies. Let's say you lost a job, if you have saved for emergency, you will have money to pay bills even you lost your income source. Saving for emergency fund is the first reason why you need to save. The second reason for saving is for your retirement. When you are old and sick and can no longer generate active income, you need savings to pay your bills. This is called retirement savings. Third reason to save I for investment. If you do not have funds to make an investment, saving is the only way to start building your investment funds. The fourth reason for saving money is for buying property and other things. You want to buy a house, you need at least 20 percent down payment. This can happen only when you have saving

 

[Richee84]

It is good to have saving habit when you are working. There are so many benefits that we can get while saving.
Savings can be for a particular target of things that you have in mind to save towards for. Below are some of the possible reasons why you should save;

Savings for investment purposes; This is one of the reason why people save money. They save money so they can invest the money on a profitable business that will bring in return for them in future. So one of the things you can do with your savings is to invest it on a profitable business so it can bring profit for you.

Savings towards the educational plan of your children; The money you have safe so far can be converted to fund your children education in future or to convert your to future asset to your children. You can use your savings as asset for your children in the future. Your children will be able to access the fund when they are fully grown up and this will help them to get fund to start any business of their choice.

Another good thing that you can do with your savings is to use the fund to buy a pension plan from insurance company or others.