Saving can feel difficult. You want to save money but find yourself dipping into it or falling short of the amount you need.
Yet, we all appreciate the need to save. Saving money is good. You just need a helping hand to set your goals and a plan to achieve them.
Step 1: Define your goal
This is where you get clear on what you are saving for. People that have a clearly defined goal are more likely to achieve it. What do you want the money for? Retirement? Vacation? New car?
Get clear on what is important to you. It is acceptable to have more than one savings goal if you know what you are working towards.
Step 2: Savings goal
You must determine exactly how much you need. What amount of money do you need to make your goals a reality?
Step 3: Time to grow
Next you need to work out how long you have to save this money. If you are saving for your retirement then you might have 20+ years, but if you are saving for a vacation then this may only be a few months.
Step 4: Initial investment
Do you have any money already saved towards your goal? If yes, then this is called your initial investment. You will add to this each month.
Step 5: Annual interest rate
What interest rate are you getting on savings? If you don’t know you can contact your bank and ask. They should be able to tell you.
Now you know what you are saving for and how much you need to save then there should be no stopping you. But if you need more help then Square funds will guide you to the best saving and investment options in Bahrain.
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