![\"\"](\"https:\/\/raizinvest.com.au\/investors\/wp-content\/uploads\/2020\/09\/5-ways-to-save-money.jpg\")
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Saving can be tough in this current environment, but that doesn\u2019t mean you should give up on building a financial nest egg for you and your loved ones.<\/p>\n
While growing your savings undoubtedly takes a degree of effort, there are some simple ways to start on the path to financial security.<\/p>\n
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There\u2019s little chance you\u2019ll be able to save much money if you\u2019re not keeping good track of your cash. This is why it\u2019s important to create a budget — and stick to it.<\/p>\n
When it comes getting your budget started, kick things off by taking a look at your income and expenses.\u00a0 Once you\u2019ve established your income — payments like your salary and other types of capital gains — figure out what you\u2019re spending your money on. This includes fixed costs like rent and food as well as discretionary spend such as entertainment and non-essential shopping.<\/p>\n
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There\u2019s no point in just<\/em> having a firm grasp on where you\u2019re spending your money – that\u2019s only half the battle. The key is cutting spending so you can allocate more money to your savings. Although depending on your situation during the current economic environment, it may be a much harder time than usual to do this.<\/p>\n Some common strategies include seeking out better deals on your regular payments — things like bank and utility bills.\u00a0 It could also pay off to switch to cheaper brands of clothing and food, or cut down on under-utilised subscription services.<\/p>\n <\/p>\n Once you\u2019re on top of your household budget, a good way to take the next step on your savings journey is to open a savings account that offers high interest.<\/p>\n You don\u2019t need much money to open a savings account and you get to earn a small portion of interest on what you deposit. It\u2019s worthwhile comparing savings accounts, allowing you to find the most competitive interest rates.<\/p>\n <\/p>\n While a savings account is a fantastic way to get the ball rolling on achieving your financial goals, you may also want to consider investing if it makes sense for you.<\/p>\n The Raiz Philosophy is to invest small amounts regularly, even in falling markets as this can help you to ride out the downturns in the market and is one of the keys to having a healthier balance over the long run. This principle is known as Dollar Cost Averaging<\/a>.<\/p>\n Compounding happens when you let the returns on an investment build up so that you are earning return on your return. Given enough time to work its magic, it provides the potential to reach a stage in your life where your money is working hard enough to provide a substantial part of your income.<\/p>\n For more information on Raiz fees, click here<\/span>.<\/a><\/p>\n <\/p>\n Building your savings should be about achieving your financial goals, but don\u2019t forget to also prepare for when times get tough \u2013 the current coronavirus pandemic for example. This is where an emergency fund can be super helpful.<\/p>\n Depending on your particular circumstances, you may need to build a sizeable emergency fund<\/a><\/span>, or one that just needs to get you through a few weeks without regular income.<\/p>\n Whatever you may need money for down the track, it makes sense to prepare for a financial shock in order to soften the unexpected bumps along the road.<\/p>\n <\/p>\n <\/p>\n Download it for free in the App store or the Webapp below:<\/p>\n <\/p>\n Important Information<\/em><\/strong><\/p>\n The information on this website is general advice only. This means it does not take into account any person\u2019s 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.<\/em><\/p>\n 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.<\/em><\/p>\n The information may be based on assumptions or market conditions which change without notice. This could impact the accuracy of the information.<\/em><\/p>\n 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.<\/em><\/p>\n 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.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Saving can be tough in this current environment, but that doesn\u2019t mean you should give up on building a financial nest egg for you and your loved ones. While growing your savings undoubtedly takes a degree of effort, there are some simple ways to start on the path to financial security.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[1],"tags":[],"yst_prominent_words":[]}Consider a savings account<\/h3>\n
What about investing?<\/h3>\n
Build an emergency fund<\/h3>\n
\nDon\u2019t have the Raiz App?<\/h3>\n
![\"download-raiz-app\"](\"https:\/\/raizinvest.com.au\/investors\/wp-content\/uploads\/2018\/08\/download-app.png\")
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