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Savings and Investment 101 for Your Mid-20s

It is probably not the first time you’ve heard about saving and investing for the future. However, it seems as if there’s a great need to continuously emphasize on the importance of having an investment plan in your mid-twenties as you take on more responsibilities in life, such as starting a family, supporting your child’s education in the future, planning for your retirement, and more.

Before anything else, you must know the difference between SAVINGS and INVESTMENT. Savings is the portion of income not spent on current expenses, while investment is any mechanism used for generating future income.

Here’s the truth to connect the two: your savings play a vital role for you to be able to start your investment plan. When you manage the two in the smartest way possible, greater wealth awaits. So as you welcome your mid-twenties, now is the perfect time to work on these two. Here’s a list of what you should consider when jumpstarting your savings and investment.

Stop living from paycheck-to-paycheck.

List down everything that you’ve been paying for every day or every month. This way, you can check where you can cut down on your spending. It is a special skill, especially when you plan to take your financial goals to a higher level for you and your family’s future.

Know the purpose of your investment plan.

As they say, “begin with the end in mind.” Think of what you want to achieve by the end of your investment plan. Do you want enough funds to start a business, establish a small family, plan your child’s education, or cover your family’s needs no matter what? From here on, you’ll have a clearer perspective on what kind of investment plan you want and need for yourself and your family.

Know the amount of money you need to set aside to invest.

Research thoroughly to know minimum investment plan options. Keep in mind that there’s also a minimum investment option per age range. It gives you an opportunity to plan for you, your family, and for your future child or children. Better to work with a financial advisor first to know all your options and to make every step as clear as possible.

Make the most of financial apps.

Embrace technology and use it to your advantage. Saving and paying for your investment plan can be a huge responsibility so seek help, especially if you feel intimidated talking to bankers or older people. Be wiser, more disciplined, and more organized with a financial app that suits your needs.

Explore more options at Allianz PNB Life Insurance.

Are you thinking about getting life insurance? Allianz PNB offers a wide range of savings and investment plans in the Philippines that provides different kinds of protection for health, education, retirement, and more. These are single-pay, whole life plans that offer the opportunity to invest in a well-managed fund with guaranteed insurance protection of 125% of your investment. Each plan comes with more options within the plan, which makes it more flexible for you to work around on what you want and need from this investment.

The best time to start is now. You don’t need much money to start saving and investing for your future. All you need is the right attitude and the right investment plan. See more here.



Sources:

(n.d.). Retrieved June 2018, from Finance in the Classroom: https://financeintheclassroom.org/downloads/WhatSavingswhyimportant.pdf

(n.d.). Retrieved June 2018, from https://www.investopedia.com/: https://www.investopedia.com/terms/i/investment.asp

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At Allianz PNB Life, we are here to help.

Should you have any concerns or complaints, you may reach us at any of the following options:

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Makati City, Philippines

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