4. Making the most of your savings.
Getting in control of your debt, and building up a savings surplus is the gateway to investment. Just because you may not consider yourself an investor, doesn’t mean that it’s not for you.
Once you’re feeling like you’re comfortable with how much you have saved for emergencies, and you’ve got a nice buffer in place for a rainy day, it’s a good time to think about how you can start to make your savings work a little harder. The first question is deciding what you are trying to achieve.
With a goal in mind, or an outcome for the future decided, the next step is to think about the timeframe you’re looking to invest for. How much time you have to invest will determine how much volatility (ups and downs) you can tolerate to get the best returns for your goal. Your goal and timeframe will help steer you towards the best type of investment.
These goals don't have to be all about retirement or your first home – it could be saving for a trip of a lifetime, a wedding, or even putting aside money to help your kids through university.
If you’re ready to start thinking about investing, check out the ASB website for the range of options we offer.