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What is the Difference between a Savings Plan and Investment Plan

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Know the Differences between a Savings Plan and Investment Plan


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Nov 12, 2021

By : Bajaj Allianz Life

The practise of putting money away for a specific purpose is known as saving. When you spend all of your money, you will have nothing to fall back on in times of need. Sure, you want to enjoy yourself, but fending for yourself every day is not something you want to do for the rest of your life.

You can always have a savings plan based on the purpose for which they will be used. Vacations and large purchases, such as a car, are examples of short-term savings. Long-term savings can be utilised in an emergency, to pay for your child's school, or to pay off your home's down payment. You may choose to put away your money in a bank account, where you can make a modest amount of money in the form of interest.

 

What are investment plans?

 

  • An investment plan entails utilising your money in a way that will increase your wealth over time. You can invest in a variety of ways, including trading equities, trusts, and bonds, or buying real estate or starting a term life cover. It's always a good idea to preserve a certain amount of money in case you want to invest somewhere, because investing is, at its foundation, a risk.
  • When deciding to invest, a number of factors come into play, ranging from how much and where you're ready to spend to the state of your country's economy. A well-planned investment portfolio can lead to a comfortable retirement, peace of mind, and a prosperous lifestyle. Poor or no investment preparation, on the other hand, could result in significant personal and financial instability.

 

Difference between savings and investment planning

 

  • Let us first learn the fundamentals of saving and investing before we continue on our quest to financial independence. The goal of a disciplined investor is to strike a balance between the two.
  • Savings is the act of putting actual cash into extremely safe and liquid investments. Capital preservation should be the primary goal, with some returns as a secondary goal, if achievable. Savings accounts and certificates of deposits are examples of this.
  • Investing is the principle of utilizing capital to generate a secure and gradual return over a set period of time. Real estate, gold coins, equities, mutual funds, term policy and small businesses are just a few examples of investments.

 

Savings

 

  • Savings should be kept to a minimum for short-term goals in the near future, such as a trip or an emergency.
  • The level of liquidity is strong, allowing for quick access to funds when needed.
  • In most cases, there is no risk involved.
  • On your savings, you can receive interest.

 

Investments

 

  • Investing entails putting money to work in order to build wealth for long-term goals such as a child's education or buying a home.
  • When it comes to investing money, liquidity is typically a challenge.
  • Typically, there is a high level of risk involved.
  • Investments have the potential to produce larger returns if they rise in value over time.

 

Wrapping Up

 

It takes vision and patience to plan your budget. Whether you save or invest, the way you spend your money is determined by a variety of circumstances. Only by balancing your investing risks and saving percentage can you achieve overall financial security. It's a good idea to get started today so that you don't have to struggle later.

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