- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Dilemma: Savings Account vs. Stocks for Investment
Hi there, I’m currently facing a dilemma regarding where to put my savings. I have been considering whether to continue saving money in a traditional savings account with a relatively low interest rate (~2%) towards a down payment for a flat, or to invest in stocks, as I already have around 5K euros in ETFs. This decision is crucial for my financial future and I could use some advice on the matter.
### Background Information:
– I am a 23-year-old individual residing in Romania with an above-average salary of approximately 1.5k euros/month net.
– At present, I am paying around 400 euros/month for rent, which has led me to contemplate investing in property.
– The cost of a 2-room flat in my city amounts to about 80K euros. After conducting some initial calculations, I have concluded that I have two options: either invest in a more expensive but newer flat that requires less maintenance costs in the long run, or opt for an older property that will necessitate renovation to suit my preferences.
– Typically, I am able to set aside between 250-400 euros per month for savings and investment purposes.
– While I do own a car, I am considering replacing it within the next year or two due to the lack of air conditioning, making it uncomfortable to drive during the summer months. Despite my efforts to explore the option of installing air conditioning in the car, I have not been successful in finding a mechanic willing to undertake the task.
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Find a savings account that gives better interest rates, 2% is pretty low, see if you can get closer to 4%. You can keep adding to it once a month and most of them calculate interest daily or weekly. This way, it will act as your emergency fund and once you settle on a flat, you go for it (but make sure to keep some funds for emergency).
You can get good interest on both euros and leu on Trading212. Check out what tax you might have to pay though. How much do you need to save for a down payment? When would you like to buy?
You’re pretty young and will have lots of time to save so you can use some of the 5K in ETFs as part of the down payment. I would recommend a newer place, even if it is a bit pricier.
Edit to add: don’t forget that buying a property is an investment. It’s something you will always have and if you start with your own maybe smaller place now if in the future you decide to get married, have kids, all that stuff, then you will be in a much better position to buy something bigger if you already have a property.
You need to get a mortgage ASAP. Even for a smaller apartment, you are still very young and can upgrade later.
So, how about withdrawing money from ETFs, getting a bank loan or borrowing money from family for a downpayment? Otherwise, you are giving almost 1/3 of your income by paying rent.
2 rooms in the city for 80k? Well … i wish that was still a thing in west europe.
Open Revolut, it is for free, you can have saving accounts with better % associated.
As you already renting, what about moving close to job and sell that car. The big cities in Romania have good public transport and walk is quite healthy all the year and streets became quite secured.
Calculate better the ROI of rental properties, for my last acquisition in Bucharest I found a better ROI to buy a studio than an apt. You can live there a few years, pay a part of the mortgage, you will keep same monthly payment as your actual rent, you can continue saving, in 5 years (or something) you can upgrade (sell, close a part of mortgage, have some cash from the leftover, have some from the saved, put then next pay down) – at least this is what I did in my young age. The notary fees are quite affordable in Romania (I compare with my new country and boy, it is so good in Ro…) .
Furniture second hand, renovate yourself. It should not be perfect, but clean and good enough for you.
Curaj, vei reusi.