New Years Resolutions
Hello and a Happy New Year from the Raiz blog! 2015 was
pretty good, but with Raiz’ full launch next month it looks like 2016 will be
even better. Around this time of year people start to make resolutions,
things they want to start doing, or stop doing, to improve their life. We may
be slightly biased, but we reckon 2016 should be the year you make saving and
investing your resolution. Starting, and sticking to, a good savings plan could
be one of the most important things you do this year, and could prove to be a
big step on the way to reaching your financial goals.With that in mind we thought we’d talk about how to save,
sticking to your resolution, and how Raiz could help.
The Big Budget Every saving plan starts with a budget. It’s important to
get it all on paper (or excel). Writing it all out makes you realise how much
you have, what your necessary expenses are, and where you could be making cuts.
Take a bit of time on your budget, and be realistic, there’s no point in making
a strict budget you can’t keep to.
Tips from the team at Raiz Here are some of our team’s best tips for saving money:George – Cut the Coffee: If you’re like many Australians, you’re probably spending far too much on coffee. Instead of buying two $4 coffees
a day, buy a jar of instant and save $30 a week.
Ali – Cash is king: It’s pretty easy to lose track of how much
you’re spending when you just tap your card everywhere. Using cash gives me a
regular reminder of how much I’ve spent each day.
Brendan – Make a date with your money: Holding yourself
accountable is important. Set aside a time every week to look at how much you
spent, and whether you’re hitting your saving targets.
Tony – Set and forget: If you can, try automatically setting
aside a portion of your pay check into a savings account every month – you can
usually set up these automatic transfers through your online banking.
Ishaan – $5 Jar: I’ve found that you don’t get given $5 notes
as much as you’d think. Try putting away each $5 you get into a jar, then focus
on keeping out of the jar.
Sticking to your plan: Sticking to your savings plan can be the most difficult
part. Whether it’s new clothes, a big night on the town, or any of the other
million things to spend your money on, it’s quite easy to break your budget.
Here’s a few things that may help you stick to the plan.
Save before you spend: Money can be like a gas that fills all the available space, you end up spending
whatever you have. How to you combat this: Put your money away before you have
the chance to spend it.
Goals based saving: Setting targets for yourself can be a great way for you to stick to a plan. Make your
milestones realistic so you don’t get disheartened. When you see that you’re
making progress towards a certain goal (enough for a holiday, new car, etc.),
you’ll be encouraged to keep at it.
Make it habitual: Once you get into the habit, saving can seem quite addictive. There’s no easy way to
make something a habit, but there are tools out there. Some of the Raiz team
use apps such as 7 Weeks, and Habitica to help them start a habit.
How Raiz fits in: Raiz is here to help you with your resolution. With Recurring
Investments you can save before you spend, regularly saving money daily,
weekly, or monthly. Unique ways to invest with Raiz.With Round-ups you
can save whilst you spend, so even if you’re making more purchases, you’re
saving and investing at the same time. A natural way to invest.With Raiz you
can track how much you have invested, and how much it’s grown, so you can keep
your financial targets in view. We hope we have a great 2016 with you as an Raiz customer. For more information on Raiz fees, click here.
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Important Information
The information on this website is general advice only. This means it does not take into account any person’s particular investment objectives, financial situation or investment needs. If you are an investor, you should consult your licensed adviser before acting on any information contained in this article to fully understand the benefits and risk associated with the product.
A Product Disclosure Statement for Raiz Invest and/or Raiz Invest Super are available on the Raiz Invest website and App. A person must read and consider the Product Disclosure Statement in deciding whether, or not, to acquire and continue to hold interests in the product. The risks of investing in this product are fully set out in the Product Disclosure Statement and include the risks that would ordinarily apply to investing.
The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.
Under no circumstances 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.
Past return performance of the Raiz products should not be relied on for making a decision to invest in a Raiz product and is not a good predictor of future performance.
