Savings and investments: A guide to growing your money
Creating wealth is about more than just earning money. While a handsome salary makes it easier to grow your money, it’s not a guarantee or a requirement for financial security. To maintain real financial progress and realise the dreams you have for you and your family, it’s necessary to save and invest your hard-earned cash consistently, so that it can work harder for you.
Growing your money depends on what you want to achieve, how you want to achieve it and what you’re comfortable with. Here are six smart ways to help you grow your money and achieve the tomorrow you’re looking for.
1. Start now and be consistent
It will take time for your money to reach its full potential, and thanks to the power of compound interest, the sooner you start putting money away, the sooner it can start growing. But don’t be deterred if you haven’t got a large sum to start with. Starting small can be effective and help you reap big rewards. The key is to be consistent and regularly contribute to your savings.
2. Save to invest
Having a significant amount to invest can make a tangible difference to your wealth, but you might have to save up to get there. Once you have enough funds, you’ll be able to take advantage of the kind of opportunities that long term investments offer. Our savings accounts can help you reach a target amount to start working towards your long-term financial goals.
3. Stay on top of your tax
Keep in mind that interest or income earned from your investments could be subject to taxes. This reduces your returns and leaves you with less money to reinvest and grow. However, there are options for decreasing the impact of tax on your investible income. For example, the benefits of a retirement annuity mean your contributions are tax-deductible and your returns are tax-free, while our Tax-Free Call investment account lets you grow your money without being taxed on your earnings* as long as you stay within the contribution limits.
4. Get rid of unnecessary fees
An easy way for your money to grow is to reduce or remove the management fees on your investment. With our Savings and Investment accounts, you pay zero management fees when you maintain a minimum balance so that the money you earn stays yours.
5. Get good advice
The world of investing can involve a lot of unknowns, but you don’t have to take on the journey alone. The right guidance and support can help you create the best strategy for your goals and keep you on track for achieving them. Using goal-based financial planning, our financial advisors work with you to help make the most of your money, navigate your financial journey and get you closer to your goals.
6. Choose the right tools
Once you have enough money to invest and you know what you want to achieve with it, deciding on the vehicle to invest in is critical. Invest smartly by choosing an investment product that is right for your needs, suits your financial and lifestyle situation, and balances your appetite for risk and reward.
Next step
Are you interested in growing your money? Speak to one of our financial planners today and set your dreams in motion. Simply submit a call me back and we’ll get in touch.
*Terms and conditions apply.