Money – It is on everyones lips at the moment, however some are too worried to utter this word due to facing the stress of financial pressure. Everyone is wondering….. ‘How do I make every dollar last?’, ‘How can I make more money?’ and even the questioning of ‘Where did all of my money go?’ as prices go up and we seem to be buying less and less with each week of work.
There are many different ways to save, invest and store money. It all depends on who is giving the advice and what type of risk you wish to take when storing your money. Do you want to have access to your money or will it be okay to have it locked away for a period of time. All of these questions and more are useful to ask when making the commitment to save your money for a goal. I have many such goals to save for at the moment. At this stage, I would like to work towards saving for a car, landscaping my backyard and possibly a holiday. Will you invest your money in shares, Managed Funds, term deposits etc? The latest and most useful method of saving money at the moment if you wish to have access to your money is a ‘High Interest Savings Account’. Fees with these accounts are generally minimal, sometimes nil and you may deposit or withdraw your money as often as you like. Just a friendly tip though is to do your research before you lock your money away.
What I feel people do not realise when saving money is that it does take time, it doesn’t happen overnight but by having commitment you can work towards achieving goals. Decide on a manageable amount that you can reasonably save and put away each pay period and transfer the money to your designated place. Try to leave your money there until you reach your goal.
‘Shoot for the moon. Even if you miss it you will land among the stars.’
