Planning to one day soon head on a magical vacation? Is a full service to the car on the cards? Or maybe you just want a juicy buffer to be prepared when you are ready to spend. In any of these cases, saving and investing can get you on the path to where you want to go. But who said we had to all get there on the same path? If your goal is saving and investing $5k, here are some ways to get it done.
1. $5 a day
Skip the occasional coffee. Walk the final kilometre and save on the commute transfer ticket. Whichever way you manage, we think you can find $5 a day in your budget and invest towards your future. The more you can invest per day, the faster you will get to your goal.
2. Take up a side hustle
Whether its food delivery, pet walking, or making the world’s greatest friendship bracelets, in this on demand economy there are more ways than you may realise to keep earning. Otherwise, you could also complete a lot of surveys 😊
3. Share the subscriptions to find some extra dosh
Spotify, Netflix, YouTube and many other subscriptions burn a hole in the rocket of many of us. Borrow, share, the choice is yours. But paying for all of them is an opportunity to invest gone begging.
4. Meal prep like a champ and invest $50 a week with the savings
Are you a spag bowl extraordinaire? Can you Dhal and rice with the best of them? Then get busy in the kitchen on Sunday evening and prep out your meals for the week. The average person can spend at least $50 on store bought lunches each week.
5. Working from home? Thrifty!
Lucky you! Many Aussies still working from home are saving on their daily commute and from making coffee and eating at home. If you are WFH, you may also find yourself with more time to think about your financial future, instead of concentrating on the gruelling peak hour grind. Maybe you are even reading the Raiz blog on your couch during your lunch break 😉
The takeway
Some of these ways are going to take longer than others. But the takeaway is we may all find ways to save and invest, even if it sometimes means sometimes ditching the takeaway 🥡
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If you have read all or any part of our email, website, or communication then you need to know that this is factual information and general advice only. This means it does not consider any person’s particular financial objectives, financial situation, or financial needs. If you are an investor, you should consult a licensed adviser before acting on any information to fully understand the benefits and risk associated with the product. This is your call but that is what you should do.
You may be surprised to learn that RAIZ Invest Australia Limited (ABN 26 604 402 815) (Raiz), an authorised representative AFSL 434776 prepared this information.
We are not allowed, and have not prepared this information to offer financial product advice or a recommendation in relation to any investments or securities. If we did give you personal advice, which we did not, then the use of the Raiz App would be a lot more expensive than the current pricing – sorry but true. You therefore should not rely on this information to make investment decisions, because it was not about you for once, and unfortunately, we cannot advise you on who or what you can rely on – again sorry.
A Product Disclosure Statement (PDS) for Raiz Invest and/or Raiz Invest Super is available on the Raiz Invest website and App. A person must read and consider the PDS before deciding whether, or not, to acquire and/or continue to hold interests in the financial product. We know and ASIC research shows that you probably won’t, but we want you to, and we encourage you to read the PDS so you know exactly what the product does, its risks and costs. If you don’t read the PDS, it’s a bit like flying blind. Probably not a good idea.
The risks and fees for investing are fully set out in the PDS and include the risks that would ordinarily apply to investing. You should note, as illustrated by the global financial crisis of 2008, that sometimes not even professionals in the financial services sector understand the ordinary risks of investing – because by their nature many risks are unknown – but you still need to give it a go and try to understand the risks set out in the PDS.
Any returns shown or implied are not forecasts and are not reliable guides or predictors of future performance. Those of you who cannot afford financial advice may be considering ignoring this statement, but please don’t, it is so true.
Under no circumstance is the information to be used by, or presented to, a person for the purposes of deciding about investing in Raiz Invest or Raiz Invest Super.
This information may be based on assumptions or market conditions which change without notice and have not been independently verified. Basically, this says nothing stays the same for long in financial markets (or even in life for that matter) and we are sorry. We try, but we can’t promise that the information is accurate, or stays accurate.
Any opinions or information expressed are subject to change without notice; that’s just the way we roll.
The bundll and superbundll products are provided by FlexiCards Australia Pty Ltd ABN 31 099 651 877 Australian credit licence number 247415. Bundll, snooze and superbundll are trademarks of Flexirent Capital Pty Ltd, a subsidiary of FlexiGroup Limited. Lots of names, which basically you aren’t allowed to reproduce without their permission and we need to include here.
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Home loans are subject to approval from the lending institution and Raiz Home Ownership makes no warranties as to the success of an application until all relevant information has been provided.
Raiz Home Ownership Pty Ltd (ABN 14 645 876 937), an Australian Credit Representative number 528594 under Australian Credit Licence number 387025. Raiz Home Ownership Pty Ltd is 100% owned by Raiz Invest Australia Limited (ABN 26 604 402 815).
