Saving and investing
While the terms "saving" and "investing" are often used interchangeably these are, in fact, two very different strategies. Generally speaking, saving is for shorter term goals such as saving for your next holiday or a new car. Investing, on the other hand, is for longer term goals such as saving for your own retirement and, with a longer time horizon, you may consider taking on a higher level of risk for the possibility of a higher return.
Saving regularly can help you reach your goals. You don't need a large salary or a windfall to accumulate substantial savings.
As a guide, you should try to save 10 per cent of your net income. If you have a portion of your salary paid to a separate savings account automatically, you're less likely to miss it. And, once you get in the habit of saving regularly, you're more likely to achieve your goals.
Our savings calculator projects how much your savings will be worth over a period of time so you can work out how much you'll need to save to reach your goal.
For more information on saving and investing read our guide Saving and investing – the fundamentals.
Investing your savings
While many people invest their savings, selecting the right investments can be a challenge. A Bridges financial planner can help you develop an investment strategy to suit your goals.
To find out more about saving and investing make an appointment with a Bridges financial planner.