Saving money is not sufficient in safeguarding your financial future. Every year, inflation reduces the value of money and deposit interest rates are often far too low to compensate. You need to grow the money that you have through investments in order to keep up with inflation and perhaps even increase your actual wealth.
Make sure to keep some of your cash in a low-risk account for your emergency fund. The rest may be invested in assets of your choice. There are lots of options including stocks, bonds, mutual funds, commodities, futures, real properties, and so on.
You may also consider investing in top performing ETFs or exchange-traded funds. These are securities that contain other assets which are trying to track an underlying index. The concept is similar to mutual funds but they are traded throughout the day instead of just the day’s end. This results in greater price fluctuations.
Consult a licensed finance professional before making any investment.