Whether you’re planning for your new home, your dream wedding, college fees or simply for a rainy day, a sensible savings plan can make all the difference.
If you’re looking for savings and investment opportunities, at Allied Financial we have lots of different options, depending on how you wish to save – and what you’re aiming for. As an independent financial broker, based in Ballina Co Mayo, we ensure our clients receives solid financial advice.
Helpful topics to assist you on your savings and investment journey
PERSONAL SAVINGS PRODUCTS
When it comes to planning your future, starting to save is a great place to start. Whatever your goals are, Allied Financial will help you on your way
Set your goals
What are you planning to save for? Take some time to draw up a ‘wish list’ of the things or experiences you would like be able to afford. Now prioritise that list – you can’t do everything at once! Perhaps you’d like to buy a new car? Or maybe you’re planning the holiday of a lifetime? Saving for a ‘rainy day’ or your children’s education might be top of your list.
Do the maths
Whatever they are, it’s important to have clear goals to work towards. It’s also key to figure out how much it will cost to turn each goal into a reality. Do some research and find out roughly how much money you’ll need to save up. Perhaps you have a lump sum you wish to invest, that you can combine with your regular contributions.
Plan your budget
The next step is to figure out your monthly budget. You need to decide how much money you’ll put aside each month to help you achieve your goals. Figure out how much you can realistically afford to save each month, along with your other outgoings.
Choose your savings plan
Next, you need to find the right home to grow your savings. At Allied Financial we offer a great range of savings and investments products to suit all kinds of savers. We can even create a tailor made plan to suit you, based on your current financial circumstances, as we provide solid financial advice. Then all you need to do is add to your savings each month – and soon you’ll be ticking off those wish-list items.
Once you’re clear on the reason why you’re saving and how long you wish to save for – we can help you select the saving plan to suit your needs.
Investing a lump sum is a great option if you want an opportunity to grow your money over time. At Allied Financial we offer access to funds with varying levels of risk and return.
Many people with lump sums choose to invest their money. That means injecting the capital received through earnings, inheritance or a redundancy package into stocks, bonds, funds or property. Investment bonds are essentially life insurance policies where you invest a lump sum into a choice of available funds. These funds will carry varying degrees of risk and potential for growth on the original investment. When you cash investment bonds in, the return you receive will depend on how the investment has performed over time.
Have a look at the Education Costs HERE
IS INVESTING FOR ME?
If you’ve acquired a lump sum, through earnings, inheritance, or redundancy, there are lots of options available to you. You can spend the money, or save it for a future expenditure. You can also decide to grow this lump sum, by placing it in an investment bond. Depending on the type of fund you invest in and the level of risk you’re prepared to take, you can see your capital grow over a period of time.
SAVINGS VERSES INVESTING
Regular saving is a great way to build up money over time to meet your financial goals. If you have already built up a lump sum, then investing could be a good option for you. You may stand to earn a greater return by investing in a fund rather than a cash deposit account.
Making the decision to invest will be influenced by the kind of financial objectives you have. Do you want to save over a short time period, or over a long term? For short term goals, like putting aside money for a holiday, a bank deposit account may be your best option. For long term goals, like education costs, then investing could be a good option. Investing in a fund can give you the opportunity to earn an inflation beating return over the medium to long term.
Asset Classes are the five main types of investment a fund can invest in:
- Cash :money on deposit (e.g. cash in a bank).
- Bonds :loans to companies or governments.
- Property :bricks and mortar, property equities or REITs (Real Estate Investment Trusts).
- Equities :investment in company shares
- Alternatives :includes commodities eg gold, copper, water infrastructure and agriculture.
Each asset class works in a different way and has its own rewards and risks, so it’s important to understand how they work before you make any investment decisions.