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You'll probably want to look for a Regular Savings account. Most major banks offer these and they are specifically designed for your scenario of saving a regular amount of money each month. You'll get a higher interest rate than a standard savings account, but you will be committed to paying in a minimum amount each month and there may also be restrictions ...


0

The first step of investment is investing in yourself, i.e.curb you urge on getting money back and aware of the cost, cost, cost! Benjamin Graham's book The intelligent investor is a good start. Behavior economics books like Daniel Kahneman Thinking, fast and slow, Richard Thaler Misbehaving will help you avoid many irrational investment pitfalls. Do people ...


6

Or can I just walk into my local bank? Yes, you would usually approach your bank. However, you wouldn't just "walk in", you would ask for an appointment with a financial advisor. Will a bank take me (a 20 year old university student with 2000 euro in excess savings) seriously? Of course they will. Most people pick their bank at your age and then stick ...


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Inflation rate Europe wide is different from the country where you live (or even better your personal spending needs). But if you want the money to be readily available there's probably nothing better then a 0.01% savings account or something is that region - again it depends on where you are in Europe (Euro zone as you question mentions Euro). Taking it ...


5

For almost all of history and in almost all places, this is just an issue of finding your best risk-free investment because interest rates have historically been higher than inflation (positive real interest rate). However, in Europe especially, almost all fixed-income securities have negative real interest rates and many investments now have negative ...


1

Europe is big. Which country do you live in? As you seem to need the money in the next time, I'd put it into an account where you can retrieve it in a short time. Eiter you take an offer from your bank (which might go from 0% to about 2%, depending on where you live), or, if you are from Germany, you could use a service like Zinspilot or Weltsparen.


2

The inflation rate of the Euro is currently quite low. It fluctuates around 1% per year. That means keeping 18k in a bank account with zero interest means a loss of purchasing power equivalent to 180 current € per year. This isn't all that much compared to other currencies, but it is not nothing. But you can cancel it if you find any way to invest your money ...


1

You can currently earn about 2% per year in the US with an online savings account. This may be more than your bank is paying. This is probably the best you can do if you may need the money in a few months. Note that over such a short period, both interest and inflation effects are likely to be small.


1

I have no idea about the econometrics of real estate in Kenya, but for the "rent vs buy" decision, the main financial factors are the interest paid on any loans (including buying the land and building the house), and all additional expenses associated with building a house, like taxes, maintenance, utilities, etc. If you pay less in interest (not your entire ...


4

You need an Independent Financial Advisor (IFA). Instead of being paid by commission, and therefore biassed towards recommending products that pay them better, you need one who is paid a flat fee for their service by you. The Government's "Money Advice Service" has a guide to how to choose a financial advisor including links to suitable resources; while I ...


0

As noted, your bank, property investment companies and financial advice services all have an agenda. You will never know who has your best financial interests at heart unless you begin the road to financial literacy. Until then, many things will sound good but you won't know if they are. If they offer free consultation(s), take the first step and meet with ...


0

The only time I've ever heard 10% is that you should set aside 1/10 of your income for some purpose that actively makes you money (investing, starting a business, loaning out, etc). It's the principle bit of advice in the book "The Richest Man In Babylon." For more general savings, eg, saving for a car, new house, emergencies, etc, there's not a hard rule ...


2

Rule #1: Don't go the lottery route--because lottery players are categorically bad at math and finances. Expecting to manage finances wisely after having played a game with a net negative expectation of gain is like expecting a thistle to grow strawberries. My father happened to read the manufacturer's motto on a shipment of slot machines before they were ...


1

If you want to know portfolio gain, calculate the total return for each position (capital gain/loss + dividends + interest). Sum them all and you have the total return of your porfolio. Sum the components if you want to break this down into separate categories. FWIW, all gains come from share price appreciation and if there is any interest. IOW, a ...


0

This is an excellent question. I think of "saving" as "deferred spending". Then, I realized that the money I'm saving has specific allocations. This follows the Every Dollar Has A Purpose (EDHAP) philosophy. This much goes to the future car payment. This much goes to the new PC I'm building. This much goes to something else I'll be buying in the ...


0

It's a subjective question. Personally, I count it as "Savings" if I'm intending to use it for the future financial security of my family. Whether or not that "future" is retirement is irrelevant. Ask yourself, "Is that money intended to prevent me from becoming homeless/starving during leaner years?" If "yes", I consider it savings. By that ...


5

You're correct that paying your interest-bearing debts is the frst move before you put anything in an investment. Makes no sense to maybe get 7% return on an investment while you're accruing interest at a higher rate than that. The next step would be to establish a liquid savings. Having a buffer to be able to pay unexpected expenses or to support yourself ...


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