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8 steps to help you save and invest successfully together

The importance of saving and investing together and what are the steps that help achieve this in an effective manner.
A culture of saving and investing together to have a successful financial life began to appear,

After some admitted that saving alone is not enough to achieve their financial goals. Saving makes you control and manage your expenses in proportion to your monthly income and avoids debts and then defaulting on it, but investment helps you increase your income and manage your savings. Therefore, many saw that saving and good investment together are the basis of a successful financial life.

8 steps to help you save and invest successfully together

1. Determine the sources of income and expenditure

Income: There is a difference between the basic salary (income) and net income, net income is the sum of the basic salary along with bonuses and allowances and any wage you get for any other additional work, and then all government deductions (fees and others) are subtracted from it.
Spending: One of the easiest ways to identify and track spending is to review bills and your monthly bank statement. This enables you to analyze your expenditures “How do you spend and what are you spending?” To define which items you can reduce or remove from the spending list.
This is where the savings / savings plan begins: Subtract your total expenses from your net income to get the amount you can save every month.

2. List your goals and categorize them

Through your financial goals, you can know your investment needs. Goals are a torch of light that guides our financial life. So make a list of your goals and divide them as follows:
1. Short-term goals: They are goals that are achieved within a short period of time, usually between one or two years.
2. Medium-term goals: These are goals that are achieved over a longer period of time, between five to seven years. There you have room to invest and make profits.
3. Long-term goals: These goals are characterized by a long period of time and usually take the form of retirement or other goals that are desired to be achieved within ten years or more.
Categorize and define your goals by period to establish a suitable schedule for achieving them

3. Calculate the value of all your savings

The importance of this step is to determine and evaluate the real amount that you have saved. Your savings are what determine your financial position more than your net income, and may include amounts deposited in the bank, sums kept at home, and other gifts in the form of money.
If the total value of these savings is low, this means that your savings plan is ineffective and needs to be changed (increase net income or reduce spending even more).

4. An assessment of your investment needs and your ability to take risks

You are not required to take a specific approach when starting to invest, as the investment tools differ according to the investment needs and the degree of risk tolerance, which differ from one person to another according to his investment appetite.
There are those who invest in the stock market and love its risks, and there are also those who invest their savings in fixed deposits and savings accounts and are very afraid of risk.
It does not matter which approach you take, they all reflect financial goals that differ from person to person. So don’t make this issue a burden to your decision making, my mouth is like a barometer for your investment.

5. Seek help from experienced people

After assessing your investment ability, a plan must be drawn up to direct your money and your savings in different investment tools in line with your needs and goals. This step may require the help of an expert or financial advice to create an effective plan while avoiding common mistakes.

6. Dedicated work for emergencies

It is an amount of money that is allocated for emergencies and addressing unforeseen financial burdens and problems, so that your investment plan is not destroyed and its course changed to turn into losses due to unforeseen events, God forbid.
The value of this amount ranges from 3 months to 6 months of your salary, noting that this amount cannot be used in investments specific to a certain period of time, such as a fixed deposit.

7. Start retirement planning

Make your retirement plan among your long-term goals, and try to start it early so that you do not feel restless when you retire and your monthly income decreases, even if a small amount per month increases gradually with the increase in your income.

8. Flexibility of your budget and investment plan

Your investment plan must be flexible and subject to change when needed according to the events and changes accompanying you, for example your salary that you were getting at the beginning of your financial life and on which your investment plan was built, it is likely that income will increase after a while and then you will have additional money that you want to invest and so on saving Investing together and what are the steps to help achieve this in an effective manner.

We have provided you, dear reader, 8 steps to help you save and invest together successfully, so do not forget to share and publish it with others so that the benefit is spread to everyone.
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