Saving

If you’re a self-employed worker and not getting a fixed income every month, one of your biggest worries might be survival. So, it’s important for you to save when you can to make sure you’re never short on cash, especially in an emergency.

Once you’ve planned your budget, see if you can set aside some money for savings every month. You can also read our Guide on savings goals for other useful tips on saving.

But remember, your savings will lose value over time due to inflation, so you may need to invest to grow your money faster and protect against inflation, especially to make sure you have enough money for your retirement. You can read about investing in the next section.

Investing

Investing will help you increase your net worth and prepare you for your retirement. Otherwise, the money you save can lose value due to inflation.

Of course, investing can be scary if you’re not used to it. And maybe you’ve always been interested in investing but weren’t sure how and where to start. Well, how about getting to know the basics first by reading our Guide on the introduction to investing.

In general, if you want your money to grow faster and if you can afford it after building your savings, you could invest in the following investment products (Click the links to read more!):

Fixed Deposits
Stocks
Exchange Traded Funds (ETFs)
Real Estate Investment Trusts (REITs)
Unit Trust funds