Thinking of things to save for is easy – the hardest part is actually getting there! Whether it’s saving for a brand new car, a holiday, or funding for your retirement income, it’s all about discipline and creating a great savings strategy.
If you’re considering saving for something, then you might just find that assistance from a financial planner will be very beneficial to help get you started.
This way, a financial planning expert can create strategies that will aid you to get where you want, and to keep you on track to your goal.
According to the RAMS Savings Satisfaction Report, four out of five Australians are concerned that they are not saving enough money.
Most people stated that their greatest motivation for saving is to prepare for the future – with one out of three respondents saving for their retirement, one in two saving for a holiday, and one in four seeking to pay off their debt faster and save for life’s necessities.
On average, Australians save around $540 per month – with men saving more than women at $616 per month compared to $428.
“One third of respondents find it difficult to save money and when they do save, the amount is not as much as they wanted. For half of them, the lack of sufficient income is seen as a barrier to saving followed by maintaining a good quality of life,” said RAMS chief executive Melos Sulicich.
“It is interesting to note, only 22 per cent of those surveyed said they were regularly moving their money around and chasing the highest interest rates and some respondents revealed this activity often made them feel anxious and frustrated.”
This highlights the importance of speaking to a professional about coming up with the best strategies to help you save for your goals, as some people can become lost along the way.
If you’re saving for something over a long period of time, then you might want to look into placing your funds into a term deposit or high interest savings account.
This will help you to earn interest on the money that you’re stowing away, and will get you closer to achieving your goal faster.
we can help
If you are wondering where to get financial advice, we can help. Why not get in touch by calling 1800 626 881 or by using the ‘contact us’ tool on our website.