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Your savings are lazy: Here’s how to make them work hard for you

Man resting on a couch

Your savings are lazy: Here’s how to make them work hard for you

Yes, you work hard for your money, so shouldn’t your savings do the same for you?

Leaving cash in a savings account is not the best way to grow your funds. How do you get your money to evolve from a sluggish plodder to healthy sprinter? If you’re just beginning to think seriously about growing your wealth, look no further, the advice and tips below will help you whip your savings into shape and kickstart your financial planning journey.

Don’t wait, start saving now

The earlier you start saving, the more time works in your favour, thanks to compound interest. Compound interest is when a principle layer of interest starts to accumulate its own interest. And the earlier you start, the more this affects your bottom line.

Let’s say you want to get USD 1 million by age 65. Assuming a 6% return rate, if you start saving at 30, you only need to put aside about USD 698 per month. Start the process just 10 years later at the age of 40 and you will need to put aside more than double that: over USD1,435 a month. That’s a huge difference. By starting just 10 years later you will have to find an extra USD 221,000 i.

Identify your long-term goals

Start by thinking about your financial goals: what do you want to achieve? When do you want to achieve it? You may need to renovate your house in five years, or you may want to buy your first car in 12 months. Once you have established the size and timeline of your goals, you then have something clear to work towards. For goals that are small amounts you will be able to save up to reach them. For larger amounts, and if you have a longer time line, investing will help you hit your target. This is a good time to look at the savings or investment options available to you and decide which best suits your needs.

Use budget trackers and apps

Go digital, and your wallet will thank you for it. Our research has shown that 65% of the emerging affluent feel that their familiarity with digital tools has been vital to their personal success. Digital technology makes financial products more visible and accessible, allowing users to make more informed decisions quickly and easily.

Follow the tips above and watch your money do the heavy lifting for you

Want to start your investment journey? Talk to our financial experts at Standard Chartered today.

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Take your savings plan from lazy loner to healthy multitasker with these quick, easy tips

Disclaimer

This article is brought to you by Standard Chartered UAE. This information is neither an offer to sell, purchase or subscribe for any investment nor a solicitation of such an offer. This information is general and does not take into account a person’s individual circumstances, objectives or needs. Investments carry risk and values may go up as well as down. Standard Chartered is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein.