Whether you’re looking to build a nest egg, saving for your retirement or maybe your child’s education, chances are you have big plans ahead. Investing is one way that can help you pursue your financial goals – even as they change over time.
In fact, savings and investing are two sides of the same coin: you should first have a savings pot built up for unexpected expenses, then look at investing to build your wealth over the medium-long term.
Deposit savings accounts typically give you quick access to your money but, because they tend not to keep up with inflation over the long term, savers usually need to do a little bit more.
Time is also an important factor when considering investing: it’s recommended to save in investments using money that you can do without for the next three to five years or more to get the most from your money. Another thing to note is that you don’t need a large lump sum of money to start investing.