Invest some time in setting a goal!
Investing can be like taking a leisurely drive somewhere. You have a degree of control in the journey, but every now and then you could encounter something that either speeds it up or slows it down. But now imagine you are driving aimlessly, with no purpose, and no sense of direction. How are you meant to know where to go if you have no plan and no route?
It’s the same with investing. You can invest without a plan, without discipline, but how do you really know how, when and where to allocate your investments? Setting your own goals is a critical step for any investor, whether new or reasonably experienced. It is through planning and goal setting that one can understand the proportion of money that they wish to allocate from their budget, and the speed that they wish to accumulate funds, which may also influence the type of investment products they choose.
For example, if someone wants to buy a house, and needs to pay for a 20% deposit, they are more likely to need to allocate a larger chunk of their weekly wages to saving and investing than someone who is looking to buy a PS5.
The Raiz app can assist with helping you on your path to investing with a plan. Recurring Investments and Savings Goals make it easy to automatically on a regularly basis add money to your Raiz account, helping you stay disciplined with your investing and reach your goal.
How do I set a goal in the Raiz app?
If you didn’t set-up a Recurring Investment and Savings Goal when you signed up to Raiz, you can set one up through the ‘Invest’ section of the app.
To set up a recurring investment just select the amount of money you wish to invest regularly, and then choose a period that suits you – whether that’s on a daily, weekly, fortnightly or monthly basis. It doesn’t have to be an enormous amount; investing even small amounts frequently can help you make progress towards your goals.
Along with your recurring investment, you can also choose to create an accompanying savings goal, allowing you to pick something to save for and track your progress in reaching a target balance. Saving for an emotional purpose, whether it be a house, or an emergency fund – because you never want to repeat a situation when you need cash and did not have it – or just so you have more options due to you financial wellbeing in life than your friends makes it easier to stick to your plan.
To create a savings goal, tap on the savings goal switch at the top of the screen when you are setting or changing a recurring investment. It’s that easy!
Remember, it’s never too late to start. The best time to invest was yesterday, the second best time is now 😊
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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.
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