A financial economy is the best way to save and invest


 Savings Methods

Many banking strategies can be used that help to save money, and they can also be considered as investment strategies at the same time, including the following: [1]


Saving Accounts: This option of saving options allows the possibility of obtaining interest according to the account balance of the individual, in addition to that, the individual is able to withdraw his balance at any time he chooses.

Certificates of Deposit: In this option for savings, the individual agrees to save his money for a certain period of time, and during that period he will receive the interest resulting from the savings, and in the event that his money is withdrawn before the previously specified date, he will be subject to some fines.

Secured bank money market accounts: With this savings method, the individual will be able to obtain interest rates higher than those provided by savings accounts, in addition to that, he will be able to write checks.

Investing in personal hobbies

Investing in personal hobbies is one of the most effective means of obtaining more money, as it depends on the strengths of the individual, so individuals wishing to invest can look at the skills or hobbies that they enjoy for them, and then find the appropriate way to benefit from them, such as the use of With specialized websites that sell special crafts, you can also choose to work in blogging, babysitting, and many more options. [2]


Automatic savings and investment services

Mobile applications

It is possible to take advantage of some applications on the mobile phone in the investment process by linking it to the investor's credit or debit card, then it automatically deducts a specific amount from the investor’s salary and introduces it into the investment process in one of the low-value trading funds on the stock exchange, usually these are The service is linked to a monthly fee, and it can be transferred to an investment commission of a specific percentage upon reaching a specific amount of the investment. [3]


Current account applications

Some applications allow the possibility of saving some money through its work to transfer funds automatically from the investor's current account to the Wells Fargo account, which is an account secured by the Federal Deposit Insurance Corporation, and the progress of this process is governed by the rules set by the investor, in addition to the possibility of setting rules Other savings, and it is mentioned that these applications usually do not require any fees, and it is possible that the saved amount will be transferred to an investment account later. [3]


Banking services

Some banks offer an automatic savings service based on the bank collecting the transactions made with the investor's debit card, then saving them. [3]


References

↑ "HOW TO SAVE AND INVEST", www.investor.gov, Retrieved 1-30-2019. Edited.

↑ Christine Giordano (29-2-2016), "10 Out-of-the-Box Ways to Save Money", www.usnews.com, Retrieved 1-30-2019. Edited.

^ APT REBECCA LAKE (18-12-2018), "Best Ways to Invest for a Small Budget", www.investopedia.com, Retrieved 1-30-2019. Edited.

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