Invest savings for better returns

A savings plan, for instance, can be in form of automating savings, setting amounts to save daily, weekly, monthly or annually depending on your goal. PHOTO BY RACHEL MABALA

What you need to know:

  • At the youthful stage, it is possible to forego some luxuries to save. You can live in cheaper housing and have fewer vacations in order to save for investment.
  • Since there are fewer or no responsibilities at this stage than the future, use this chance to explore various business opportunities by using your skills and interests.

There is a difference between the wealthy and the less wealthy – it is the way they use money. To make the most of your savings, you must invest. But where? Annet Katusiime writes.

Youth wonder if it is possible to invest despite limited money and experience coupled with job scarcity in our economy.
Yes, it is possible to make it without the above parameters.

Saving
Saving is the act of putting aside a portion of income earned today for future uses.
It is important to save with a goal, a reason or purpose.

Plan
While setting saving goals is important, savings plans should not be forgotten. A plan gives you strategies on how to reach your goals. A savings plan, for instance, can be in form of automating savings, setting amounts to save daily, weekly, monthly or annually depending on your goal.
People save for different reasons like starting a business, getting out of debt, emergency fund and special events among others.

At the youthful stage, it is possible to forego some luxuries to save. You can live in cheaper housing and have fewer vacations in order to save for investment.
Since there are fewer or no responsibilities at this stage than the future, use this chance to explore various business opportunities by using your skills and interests.

Investments
Below are some investments which you can consider to earn income from using either your skills or savings:
1. If you are interested in changing the public, you can become a motivational speaker a skill that can actually earn you some money.
2. Food industry is one of the challenging industries without passion. It is hard to succeed. However, if you are passionate, grab this opportunity because everyone, everyday has to eat. Find your market niche and tap in the industry you may never regret. Foods can be transformed into snacks such as chapatti, samosas and cookies etc and supplied to supermarkets or households.
3. Providing services in general household needs such as; home shopping, cleaning, house administration, gardening, home tutoring
4.Farming is another way to use your energy and skill. You can start with compound gardening to grow vegetables that can be for home consumption and for sale.

Ms Annet Katusiime is a financial literacy trainer and consultant at Be Money Wiser co. Ltd.