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BUDGETING: THE FOUNDATION. A budget is a spending plan that tracks your income and expenses over a set period, like a month. It's the essential first step that puts you in control of your money by revealing where it is going. By creating a budget, you can: Identify opportunities to reduce spending and free up cash. Direct your money toward your most important needs and goals. Manage debt and avoid overspending.
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SAVING: THE SHORT-TERM SECURITY. Saving is the act of setting aside money that you need to access relatively quickly. Your budget helps you consistently contribute to your savings goals. Purpose: Savings are for short-term goals and building an emergency fund to cover unexpected expenses like job loss or medical bills. Location: Money is held in secure, liquid accounts like a high-yield savings account. Risk vs. Reward: It offers low risk but low potential returns, meaning it may not keep pace with inflation.
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INVESTING: THE LONG-TERM GROWTH. Investing uses your money to purchase assets like stocks, bonds, efts (exchange-traded fund) or real estate with the goal of generating higher returns and building wealth over the long term. Purpose: Investing is for long-term goals, such as retirement, buying a home, or funding a child's education. Location: Money is held in various investment vehicles, such as 401(k)s, IRAs, and brokerage accounts. Risk vs. Reward: It carries more risk than savings but offers a higher potential for growth through compounding.
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