Top 3 ways you should be saving for rainy days. Strategies to save money…
Spending money can be a way to make ourselves feel happier. When is it becoming too much?
Almost everything in life costs money, which means spending is just a part of daily living.
We like buying things, at least we think we do. It`s bred into us. Life in the 21th century is a fast paced, consumer oriented experience where media surrounds us at all times enforcing the idea that happiness is a matter of buying the perfect house, driving the best car, wearing the trendiest clothes and posting status updates on the latest high tech devices. Everywhere we look we are inundated with the same message. `buy, buy, buy your way to happiness! While buying a new gadget or the first drive in a new car may be satisfying or thrilling for a short while, the thrill always fades and we find ourselves back in the same place seeking the next purchase to keep the feeling going.
Spending money is normal, but spending more than you make is when it becomes a problem.
Where the importance of saving ahead with a saving plan.
Setup your goals
The fist thing to do before you start your journey on savings you have to lay out your goals.
Become a millionaire at 55 years old automatically for example.
Ways to save money
There are many tried and true ways of how to save money each month
Every day put all of your loose change into a jar and every once in awhile deposit the money in your saving account. In time the money will grow into a little nest egg.
Try to set a certain amount of money each month or each paycheque for you savings. Peoples have been doing this for years, but it takes discipline.
The newer method is to pay yourself first
Where to invest your money
GIC`s Terms deposits or guaranteed income certificate #3
If you know that you are not going to need your savings for a year or more, you can consider putting your savings into a term deposit or GIC. They are a great way you try to get more interest on your money than a high interest Savings Account can offer. However, this is not always the case. And future more, most banks and credit unions will allow you to put your money into Terme Deposit or GIC with at lease a thousand dollars or more.
Taxes free savings accounts #2
For most Canadians, a Tax Free Savings Account is a good way to save. A TFSA is a setup that shelter your investment from taxes. It allows you to put up to $5,500 per year into your tax shelter and not pay any tax on interest that you earn or on the growth of your investment. When you take your money out of the TFSA, you don`t pay any tax either. However, these kind of investment account those not allow you to earn a hold lot of interest. It fluctuate between 1 and 2% per year.
Investing in Gold #1
Investment in gold is to me the best way to go in 2019. As the global economic uncertainty continues to grow, investors will start to look for safe places to invest for both protection and profitability. As the US and Canadian government are printing more money to counter balance inflation. Gold has become the only safe place to park cash and is set to rebound in the near future.
Gold is one of the oldest currencies in the world. If you look at the purchasing power of gold over time, you will see an ounce of gold will purchase roughly the same now as it did 300 years ago. Conversely, if you look at the purchasing power of some major national currencies over the same period, you will find that the buying power of these currencies has severely decreased. The reason behind is that paper money is not a true reflection of wealth. You may have healthy savings in a particular currency, but if that currency becomes devalued, your wealth would no longer have the same purchasing power it once did, owing to inflation. Many people who invest in gold do so believing that it is the only way to hold their savings in a safe manner.
Karatbars give the opportunity for small investors to invest in cash gold. Gold bars in fraction of grams ( .10g , .20g, .40g, .60g ) . This is my best recommendation of all. In a matter of years, you can stash painlessly outstanding amounts of gold bars, amazing!