Save Wisely, Spend Strategically
How do you strike the perfect balance between living life to the fullest, securing your future, and managing your day-to-day expenses?
How do you strike the perfect balance between living life to the fullest, securing your future, and managing your day-to-day expenses?
Imagine you’re the master conductor of your financial orchestra, and your money is the symphony waiting to be composed. How do you strike the perfect balance between living life to the fullest, securing your future, and managing your day-to-day expenses?
Picture your finances as a delicious slice of cake—yes, cake! Now, this isn’t just any cake; it’s your financial cake, and it comes in three layers: The 50-30-20 budgeting rule.
This layer is a sturdy base of your necessities, that is, the expenses you can’t avoid. Housing, food, transportation, Insurance, Minimum loan payments (credit cards, student loans etc.) and basic utilities (electricity, water, gas)
This layer contains those expenses for things that improve your quality of life but are not necessary for survival. That is, Monthly subscriptions, Travel, Entertainment, Meals out.
The remaining 20% of your income should be directed toward savings and reducing debt. Saving maybe in form of contribution towards a retirement plan or starting and growing an emergency fund
Now, our focus mainly on this article is on layer three, I want you to think of your emergency fund as your financial superhero costume, tucked away in your financial closet, ready to swoop in when trouble strikes. Whether it’s a sudden car repair, a medical emergency, or even an unexpected invitation to a destination wedding, your emergency fund is there to save the day.
I know what you are thinking, how do I get a hold of one asap? It’s literally right here with you, the Mayfair Money Market Fund.
Mayfair Money Market Fund is a type of a fund that primarily invests in low-risk, short-term, and highly liquid securities, such as treasury bills, certificates of deposit (CDs), and other short term debt instruments. It is designed to provide investors with a safe and relatively stable place to park their cash while earning a modest return. See a comparison of two investment options from the table below.
| SPECS | MAYFAIR MONEY MARKET FUND | BANK FIXED DEPOSIT |
|---|---|---|
| Minimum Investment | 5,000.00 | 50,000.00 |
| Interest Rate | 11.50% | 10.25% |
| Withholding tax | 15% | 15% |
| Liquidity | You can access your money anytime. | No access to money until maturity. |
| Flexibility | You can withdraw principal + Interest at any time. | If you withdraw before maturity, you only receive your principal and lose the interest. |