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Savings and Investment Tips For Any Age
The 2 strategies for boosting your savings and investments are: increasing your income; and cutting your spending. Here are 9 savings and investment tips that can help you with these, regardless of your age or financial circumstance.
1. Pay Yourself First
Put aside your savings once you get paid rather than waiting to see what’s leftover at the end of the month.
2. Save For Emergencies
Set up a separate savings account for emergencies only i.e. a job loss or medical emergency. This should be kept away from your day to day accounts and no so easily accessible to be dipped in and out of.
3. Don’t be afraid to ask for help
It is always a good idea to ask for help from a financial planner when saving and investing. Getting the knowledge of someone in the industry can help you diversify funds and avoid major losses.
4. Spend Less, Save More
It sounds simple, and it is, but you have to actually implement it. Cut back on the unnecessary spending and use these funds to save.
5. Lose a Habit and Gain Some Savings
Try cutting out expensive habits, put aside the money you would use for this instead i.e. make your coffee at home and take it with you then save then put aside the money you would use each day and it will all add up.
6. If You Are Finding It Hard, Take It Slow
If you have found saving money difficult for you take it slow. Save small amounts at a time so it is less noticeable to your lifestyle and start increasing the amount regularly throughout the year.
7. Allocate Your Assets When Investing
When investing, it is always best practice to diversify your portfolio. Diversification between the asset classes based on your risk profile, goals and timeline will help to protect the volatility of your investments.
8. Understand The Policy Costs
Each policy can come with different costs as can types of investments so it is always good to read up on your new policy.
9. Stick To Your Plan
Do not be scared about ups and downs in the market, these happen and will be accounted for with the diversification of your funds. We will regularly review your investment plan with you to ensure it always matches your risk profile.
If you need help with your savings and investment planning, get in touch with our team today on 01 6831673 or info@symmetryfinancial.ie, or visit our Savings and Investments page for more.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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