Goals should be both short- and long-term. Financial stability is ensured by setting aside money for urgent demands and other short-term goals like emergencies. To reach financial independence and stability later in life, long-term goals like retirement or home ownership require regular saving and investing. A comprehensive financial plan must strike a balance between the two.
I rather save for long term goals in the sense that saving for long term goal helps to build a kind of power and concentration which prevent one from referring back to the amount save in time of needs or emergency expenses. What am implying is that saving for long term goal has to to with target aRead more
I rather save for long term goals in the sense that saving for long term goal helps to build a kind of power and concentration which prevent one from referring back to the amount save in time of needs or emergency expenses.
What am implying is that saving for long term goal has to to with target and purpose that is you are saving to target a particular thing which is very important to you hence no matter how urgent you need money you would never touch that money you have in savings rather you tried hard to sort that emergency expenses using other means.
Therefore saving for long term goal help to build a kind of self restraint that will contribute positively to one’s financial life .
See lessIt is important to save for both short term and long term goals. Short term goals could include saving for emergencies, vacations, or purchasing a specific item. Long term goals may include saving for retirement, a down payment on a house, or education expenses. Saving for both types of goals allowsRead more
It is important to save for both short term and long term goals. Short term goals could include saving for emergencies, vacations, or purchasing a specific item. Long term goals may include saving for retirement, a down payment on a house, or education expenses. Saving for both types of goals allows for financial stability in the present while also securing a comfortable future. Prioritizing savings for short and long term goals promotes a balanced approach to managing finances.
See lessSaving is a personal decision and it would good to decide when to save abd how long it should be. I think to strike a balance ehst can save for both goals whenever theees funds for it. The truth is that savings as never been a waste whether you are saving for long terms or short terms. The whole thiRead more
Saving is a personal decision and it would good to decide when to save abd how long it should be. I think to strike a balance ehst can save for both goals whenever theees funds for it. The truth is that savings as never been a waste whether you are saving for long terms or short terms. The whole thing is that one should be saving. You just have to look at your needs to decide how best you want the duration to be. Go for pong term savings if you have long term needs.
See lessSaving is a personal decision and it would good to decide when to save abd how long it should be. I think to strike a balance ehst can save for both goals whenever theees funds for it. The truth is that savings as never been a waste whether you are saving for long terms or short terms. The whole thiRead more
Saving is a personal decision and it would good to decide when to save abd how long it should be. I think to strike a balance ehst can save for both goals whenever theees funds for it. The truth is that savings as never been a waste whether you are saving for long terms or short terms. The whole thing is that one should be saving. You just have to look at your needs to decide how best you want the duration to be. Go for pong term savings if you have long term needs.
See lessIt depends so if you have small goals then you could save for the short term but if you have big goals then you save for the long term. A small goal is like achieving a small purchase from a daily routine like something for your cooking place or for example a motorcycle needs a little saving plan buRead more
It depends so if you have small goals then you could save for the short term but if you have big goals then you save for the long term.
A small goal is like achieving a small purchase from a daily routine like something for your cooking place or for example a motorcycle needs a little saving plan but if buying a new car needs long-term saving, the means vary from first to second case.
Also some people goes to borrowing which is not the smart solution every time because of the VAT applied on such a loan that could be excessive.
See lessIn my country, if we save money in the bank, we don't get interest, so we have to immediately allocate it to deposits. I generally collect money for the short term, such as buying a new smartphone. We can also invest like saving in mutual funds starting from a minimum deposit of $1, and can be withdRead more
In my country, if we save money in the bank, we don’t get interest, so we have to immediately allocate it to deposits. I generally collect money for the short term, such as buying a new smartphone. We can also invest like saving in mutual funds starting from a minimum deposit of $1, and can be withdrawn at any time. If we are going to save for long-term goals, we should allocate it to safe investment instruments such as government bonds, gold, blue chip shares, mutual funds, etc.
See lessIt depends on your priorities and financial situation. Saving for short-term goals like emergencies or upcoming expenses is important, but so is saving for long-term goals like retirement or buying a home. The key is to strike a balance between short-term and long-term savings based on your individuRead more
It depends on your priorities and financial situation. Saving for short-term goals like emergencies or upcoming expenses is important, but so is saving for long-term goals like retirement or buying a home.
See lessThe key is to strike a balance between short-term and long-term savings based on your individual financial goals, risk tolerance, and timeline. It’s often recommended to have an emergency fund for unexpected expenses while also contributing to long-term savings for your future financial security.
Yes, it'll help you to navigate your finances in a very organized way, let's say you have an account for long term for example your retirement account, savings account and everyday spending account, this will help you to stay accountable and also keep your goals in check. Spending recklessly withoutRead more
Yes, it’ll help you to navigate your finances in a very organized way, let’s say you have an account for long term for example your retirement account, savings account and everyday spending account, this will help you to stay accountable and also keep your goals in check.
Spending recklessly without any goals is going to make your personal finance journey difficult.
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