What’s the difference between saving and investing?
Saving is putting money aside in cash accounts (such as bank savings accounts) for short term plans or emergencies – your ‘buffer’.
Investing is putting money in assets to grow in value and build long term wealth and security.
So, put simply, savings are for now and investing is for the future.
There are many things to take into account when considering investing, as there are a variety of investment avenues depending on what you are looking to achieve, but which one will suit you?
The most important consideration when making plans for the future, is to know what you want to achieve and by when. When there is clear direction in what you are looking for, a tailored plan can be put together to help you achieve your goals, whilst reviewing this plan regularly ensures you remain on the right path during the journey.