I invest my savings
Investing your savings! That’s quite the puzzle for Belgians and even Europeans today.
Indeed, it won’t have escaped the informed person that you are that savings accounts produce interest that doesn’t even compensate for inflation, that stocks are extremely volatile assets, and that corporate bonds also offer a very low return on investment.
If you have savings to invest, it’s first because your budget is balanced and you have a surplus that you can invest. A piece of advice: never invest money that you might need in the short term. Second advice: follow financial news yourself. Finally, take advice from a specialist but don’t follow it blindly. Your best advisor in this matter will always be you!
I organize…
Your budget is balanced! You even manage to save. That’s great.
However, your problem is not entirely solved. Indeed, you have to account for inflation. In Belgium, the inflation rate in 2011 was 3.44%, which is slightly higher than the European average.
This rate is quite high compared to the returns currently offered by banks on the savings account market. On average, banks currently offer very low interest rates. The average rate does not exceed 1% and loyalty bonuses are very low (0.25%).
Unfortunately, it’s not easy to maintain the value of your money under these conditions…
Practical advice
Here are some tips to enhance your savings and achieve a better return:
- Visit bank websites and compare the interest rate conditions on savings accounts.
- Don’t hesitate to switch banks when you find better conditions at another bank. Banks rely on your inertia to keep their interest rates at the floor.
- Consider placing your money in a term account for a period of 6 months or a year (interest rates are more attractive).
- Buy bonds from creditworthy issuers. Consult your bank on this matter.
- Invest in company stocks only if and only if you really no longer need your money. Sometimes it takes years to make an interesting capital gain on stocks…
- Do not speculate if your budget is tight.
- Don’t listen to others, be your own advisor. Your common sense is worth all the advice in the world, and remember that advisors are not the payers.
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