A good rule of thumb is to be able to save and invest 25 - 30% of your salary.
Savings Strategies
Ensuring that your surplus income is working for you
Goals-based savings strategies tailored for you
It is important to ensure that your savings are aligned with your personal financial goals. The first step in this process, of course, is to clearly define your financial goals. Whether it be saving to buy your first home, saving towards your retirement, or for your children to go to private school or university. Without a clearly defined goal, any path will take us there, which it’s why it’s important to not only outline our goals, but to review our progress toward achieving them.
We all know that life can get busy very quickly, which is why it’s often important to automate your savings to ensure that you can easily remain on track to achieving your financial goals, and have peace of mind that progress is being made.
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It’s important to ensure that your money and savings are working hard for you, and this requires a more concentrated effort than simply allowing your bank account balance to accumulate. Take a look at the power of compound interest below with the figures outlined.
25 - 30%
$180,000
How much is $5,000 worth in 45 years at a growth rate of 8% per annum?
9 years
How long would it take my investment to double if it’s returning 8% per annum?
Approximately 49% of Australians have less than $1,000 in accumulated savings.*
*ME Bank
Our team at Ally Wealth Management will work with you to clearly define your financial goals, quantify them to determine the end goal for your savings, and clearly map out the strategy to get there for you keeping you informed each step of the way.
