Desmond Bredu, Head of Client Coverage at SIMS, has urged students to cultivate a strong savings and budgeting habit.
Speaking at the SmartStart Summit, Bredu emphasized the distinction between saving and investing, encouraging students to prioritize saving before spending.
The financial expert outlined practical steps for optimizing savings, including increasing income, reducing expenses, automating savings, and tracking spending.
He also highlighted the importance of budgeting and suggested using the 50/30/20 rule as a starting point.
While acknowledging the current economic challenges, Bredu encouraged students to explore investment opportunities to achieve financial independence and protect against inflation.
He explained the concept of risk and return, emphasizing the importance of diversification.
By sharing real-world examples, Bredu demonstrated the power of early and consistent investing. The SmartStart Summit equipped attendees with valuable financial knowledge to make informed decisions for their future.
