5 Ways to Secure your Savings and Investment
- Use a passbook savings account without an ATM. Passbooks are less accessible compared to ATMs. You can only access your account during banking hours and on the same bank.
- Open a joint account. Requiring the signature of another will make it difficult for you to get your savings.
- Place your savings in a Time Deposit. Time deposits have a minimum holding period, and you will receive a penalty for early withdrawal. This penalty is a good deterrent for withdrawing funds.
- Enroll in a Mutual Fund/UITF Monthly Investment Program. Automating your investment will lessen the possibility of you delaying it.
- Take risks while you are still young. Invest in volatile investment instruments such as stocks if you have time on your side. Longer investment horizons will allow you to enjoy market volatility. It will also allow you to recover from temporary setbacks if the market turns against you.