Saving is often something that we put off when it is a crucial part of building your wealth and financial freedom. Savings can be your safety net when unexpected expenses occur.
How to get started? The first step is to set your savings goals. Having a savings goal that is aligned with your financial plan is crucial. Your savings goals could be anything from saving for a rainy day to saving for a holiday.
The first step to step to setting any goals is to understand the type and timeline of the goal. This can help you with planning. Here are the three typical types of a savings goal:
Another confusing part of saving is where to put your savings. While a savings account at your bank may seem like a great option, it may not be the best place to earn interest that helps grow your money over time.
The best way to identify the best place to put your savings is to talk to a financial advisor. Financial advisors can help you to draw up a financial plan that will align with your savings goal.
However, if you are wanting to get right in, here are some potential ideas based on the timeline of your goal.
When it comes to saving for the short term you have two major factors to keep in mind. Firstly, you need to ensure the savings account is accessible within your timeline. Secondly, the savings account needs to be lower risk.
Possible options include:
When you are saving towards a medium term goal, you need to think more about the return on the interest you will be earning. A few percent a year over a three year period can make a huge difference in the value of your savings or the time it takes you to reach your goal..
Potential savings accounts include:
The long term is always a difficult one to judge because a savings goal of 6 years is quite different to a savings goal of 40 years. It again comes down to analysing your needs and risk appetite.
If you are saving for the longer term, you could consider a little more risk depending on what the savings are for. This could mean introducing more equity into your portfolio.
Possible options include:
Speak to your financial advisor who can assist you in finding the best funds to suit your financial needs.
While saving money may seem like a hard task, it becomes easier when you set clear and defined goals. Whether you are saving for a wedding or the holiday of a lifetime, set your savings goal to help you achieve it.
Speak to one of our Bond Optimiser assessors today to see if we can help you to save on debt repayments.
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