Payit, in collaboration with the Indian Women in Dubai (IWD), successfully organized the third “Real HERoes” event session. The event was a sincere and enlightening gathering that honored women as genuine heroes and sought to empower them on their path to financial independence.

Panelists’ Insights on the Smart Way to Save Money for Investment

Here’s a gist of the panel discussion and their valuable insights.

Start Small, Think Big

The easiest way to save money for Investment beginners is to start small. It’s not about the amount you save but the saving consistency that matters. The event emphasized the power of regularly setting aside a portion of your income. Even a tiny percentage of your earnings can add up over time.

Plan for Retirement

Planning for retirement may seem like a far-off concern, but it’s never too early to begin. Early planning is crucial for ensuring long-term financial stability. Starting to save for retirement early enables significant growth through compound interest, even with small contributions. If retirement planning appears daunting, consider consulting a financial consultant who can advise you to create an investment strategy that is customized to your investment needs.

Diversify Your Investment

Diversification is a crucial principle of successful investing, helping to manage risk and potentially increase returns.

• Asset Allocation: Diversify your investment portfolio by investing across various types of asset classes. For example, your investments can be divided into real estate, bonds, and stocks, to reduce risk associated with any single type of investment.
• Mutual Funds and ETFs: Consider investing in mutual funds or exchange-traded funds (ETFs) that provide diversification by pooling money from multiple investors into various assets.
• Bonds: You can earn a fixed income and benefit from compound interest by investing in government or corporate bonds.
• Regular Review: Ensure your portfolio aligns with your financial goals by periodically reviewing and rebalancing it according to your risk tolerance.

Take Calculative Risk

Investing involves some risk, but calculated risks can lead to higher potential returns. Understand your risk tolerance, which is your ability and willingness to withstand market fluctuations. Consider your risk tolerance level and decide which investment strategy would suit you the best – aggressive or moderate. Conduct thorough research and utilize educational resources before investing. Being informed about your investment choices can help you make more calculated decisions.

Leverage Technology for Payments

You must use technology (mobile apps) to make your investments smarter. Here’s how you can leverage technology for efficient financial management:

• Mobile Wallets: Use mobile wallet apps like Payit to make secure payments efficiently. These apps offer you competitive rates for services like international money transfers, mobile top-ups, etc.

• Automatic Transfers: Automated transfers from checking to savings or investment accounts help save money consistently without manual transfers. You can set up regular intervals for transfer and avoid fees or penalties for missed payments or insufficient funds. Start automating transfers to reach your financial goals efficiently.
• Expense Tracking Apps: Explore expense tracking apps that categorize your spending, making it easier to identify areas where you can cut back and save more.
• Investment Apps: Consider using investment apps offering user-friendly interfaces and educational resources to help you start investing.

Make Budgeting Your Habit

Understanding your financial inflows and outflows is essential. Create a budget that helps you allocate some of your income for savings and investments. Stick to your budget to ensure you consistently save money.

Manage Payments Efficiently with Payit

Payit is, a digital wallet app that allows you to make bill payments, receive money, make affordable international transfers, top-up mobile balances, and send e-gift vouchers. See how to manage your daily payments more efficiently while enjoying exclusive offers and discounts.

• Bill Payments: You can make bill payments, including Etisalat, du, Nol, Salik, etc., securely with the app.
• International Money Transfers: You can seamlessly make international money transfers to 200 countries with competitive rates within a few clicks.
• Mobile Recharge: With the app, you can make mobile recharges domestically or internationally.
• Education Fees: Payit has been associated with multiple educational institutions to allow you to pay school fees or other educational fees using the app.
• Domestic Helper Payment: You can also pay your helpers through the app, where your helpers don’t need to have a bank account.
• E-gift vouchers: The app also lets you send electronic gift vouchers to give your friends and family a choice to buy from their favorite brands.

Download the Payit digital wallet app and obtain your Letsgo Payit Card to make payments more efficiently.