Bitpanda noted that October 31st marked World Savings Day, a global reminder to prioritize financial wellbeing.
Bitpanda also mentioned in a blog post that while traditional savings accounts have been a fairly popular choice over the years, the current dynamic financial landscape offers more innovative solutions in order to help you grow your wealth security.
To mark this year’s World Savings Day, the digital assets firm has explored Bitpanda Savings Plans, a tool designed to “simplify” the investing process and support clients’ long-term financial goals.
Bitpanda pointed out that this is stating the obvious, but having a savings strategy is always a good idea, “regardless of the time of year.”
As the world consistently shows, life is unpredictable, and you “never know what’s coming around the corner,” the team at Bitpanda noted.
According to the extensive update from Bitpanda, maintaining a personal savings fund is a smart idea and doesn’t have to be difficult or “change the way you live right now: Just work out how much you can afford and send that amount of your income to a savings account at regular times.”
Bitpanda further noted that you can even “automate it to happen on a day that suits you best.”
Speaking of setting and forgetting, a Bitpanda Savings Plan is described as being an easy and automated way to buy Bitcoin, Ethereum and other crypto or digital assets on a “weekly, biweekly or monthly basis.”
As stated in the update from Bitpanda, here are reasons to start with a savings plan:
Benefit from the cost average effect
Buying on a weekly, biweekly or monthly basis makes you “less dependent on short term price fluctuations.”
Some other advantages:
- Easily buy crypto, stocks, ETFs, metals, commodities and all 8 Bitpanda Crypto Indices over time
- Once a savings plan has been created, it automatically buys at the set time.
Bitpanda shared some simple payment options:
You can set up a personal savings plan using Visa, Mastercard or even SEPA Direct Debit.
You may consider setting up multiple savings plans:
You can set up as many different savings plans as you want via the Fintech and investment app and “for any asset supported on Bitpanda.”
You can temporarily pause and later resume your savings plans “anytime you want,” the team at Bitpanda noted.
As explained in the update from Bitpanda, the cost averaging effect is an investment strategy that involves “buying an asset in fixed amounts at regular intervals, regardless of the asset’s price.”
Bitpanda further noted that you may choose to “invest small amounts of your money into an asset,” like Bitcoin (BTC) or gold for instance, in regular intervals and keep “doing this over a longer period of time.”
According to Bitpanda, this way you can “potentially reduce the effects of market volatility on assets that are subject to price fluctuations.”
As explained in the blog post, by buying regularly in up and down markets, investors can potentially buy “more assets at lower prices and fewer assets at higher prices.”
