Use Your Salary to Achieve Your Investment Goals | New times
You’ve been working for a few years or so, but you don’t know how your monthly salary “evaporates” in a few weeks, leaving you vulnerable in an emergency.
Experts advise putting in place mechanisms to help them protect their income through secure savings or programs offering good returns. This, they say, will also help increase your income, especially during times when you don’t have a lot of expenses.
Good savings vehicle
Jackie Mutoni, customer service consultant at Bank of Kigali, says having a savings account or joining a savings plan at your workplace is essential to protect your salary, as well as helping you save and save money. to invest.
âIt’s the most reliable form of insurance because you don’t have to depend on someone else for money in an emergency,â says Mutoni.
She advises companies to take advantage of investment vehicles, like the recently launched Iterambere fund by the Rwanda National Investment Trust and the high yield fixed deposit accounts provided by banks, among others.
The stock market, like other vehicles provided by the financial industry, makes it possible to earn money over the long term without investing too much apart from monitoring the evolution of the stock market.
âTherefore, you can get huge returns on your investment, while still insuring yourself against any emergency using such investment vehicles,â says Mutoni.
It is also important that you also consider the monthly salary as a source of capital. Choosing the right savings or investment plans is essential to ensure maximum benefits, including growing your wealth and your investment portfolio.
It is also essential to keep a record of all your expenses and income so that you can assess your financial situation at any time. These records will help you with future planning and guide your spending, âsays Mutoni.
Avoid impulse spending
Also, being mindful of your income and expenses helps manage your money wisely and avoid impulse spending, says Aline Kamikazi, business advisor at the Business Development Fund. Kamikazi advises employees to always look for areas that are bleeding their income, urging people to spend within their means so that they can save.
âYou have to create a spending plan that doesn’t affect your lifestyle or your investing schedule,â she says.
Whatever choice you make, always remember that it is important to educate yourself about financial matters so that you can make informed money decisions. It also protects you from unscrupulous people who would like to take advantage of your sweat unnecessarily.
To stay focused on your goals, think about what would happen if you were unable to earn an income due to injury or illness.