Sasha Jacob Answers 6 Frequently Asked Questions on Saving
Saving money. We save because we cannot predict our future. Saving makes us financially secure and it can assure a safety net in case of an emergency. Working on it now can improve your financial situation over time and it is truly worth the effort. It can give you a peace of mind, options, and the more you save, the easier it becomes to accumulate savings.
Consulting your financial advisor can also be a great idea in answering your inquiries about saving or tips how to budget your money. Sasha Jacob, founder, and CEO of Jacob Capital Management Inc. can spend some time to ensure the safety of your finances and they are able to guarantee that you are on the right track. He believes that asking the right questions is important to ensure that your saving process is on the right track.
Sasha Jacob on frequently asked questions about saving
1. How can I save money?
Saving money comes in many ways. You can create a budget plan to keep track on your money and expenses. Always make sure that you know what should go on the budget, how to use your budget each month, and how budgeting can help you reach your financial goals. You can also use credit wisely and avoid paying too much in interest charges. Government grants can also be a big help for your child’s education.
2. How can I decide on how much to save?
It always depends on two things: your financial situation and your goals. Some people aim to save between five and 10 percent of their pay and the others aim higher. Saving even $20 can be hard especially if you have a lot of debt and a lower income. For your goals like downpayment for buying a home, for retirement, for your child’s education, for something that will cover unexpected costs, and for taking a vacation, you can always find ways to save up for that moment.
3. What kind of return should I expect from my savings?
There are some kinds of savings and investments that are very safe. They have a little to no risk that you will lose money. Money often grows slowly and example of that is savings in a bank account that may grow for only two or three percent yearly. The lower risk investments that include savings accounts, guaranteed investment certificates, and Canada savings bonds.
4. Can time affect my saving decisions?
Yes. We save in order to buy what we want or for coverage of unexpected expenses that may come someday. You may not also need the money that you are saving for a retirement for a very long time. Before you save or invest, think about when you may need your money. Start building a financial plan but first, understand what goes in it and how it can help you or your family in the future. Expert financial advisors like Sasha Jacob advise to plan realistic goals and make plans to reach those goals.
5. Where can I put savings for short-term?
Putting up a savings account may be a good way to save for a vacation, or for something that you really like. A savings account is a good idea in case you need money fast and right away. You can also consider Guaranteed Investment Certificates that sometimes pay higher interest than a savings account.
6. How can saving plans help me save money?
First things first, have a plan and stick to it. It is important to save earlier and regularly since money grows over time. Your savings plan can make your savings automatic. Try to think or explore saving plans that you think are the best for you. You can always ask your lawyer or financial advisor on what kinds of saving plans they can offer.
Saving money is incredibly important for your future. Do you know that through smart savings and hard work, most people got wealthy? Sasha Jacob Capital Management Inc has the training experience in a great range in the financial aspects of life. They can always guarantee that they can spend some time to ensuring the safety of your finances.