Am I saving enough for independence in my life? That is, will I have enough for the fun things in…
Written by Cashwerkz Published: December 11 2017 Recruits
We’ve all been there. You’ve promised yourself that you’ll put money into your savings account as soon as you got paid and not touch it. Come the weekend (and a few rounds of drinks), you find yourself chipping into your savings account and withdrawing money you promised wouldn’t touch. In fact, you’d be surprised to know that you may be one of many millennial’s that do not have a savings strategy and solely rely on their willpower to save. That’s where investing in defensive assets can help.
When we think of ‘investing’, the first thing that usually comes to mind is shares or property. While those options can build wealth in the long term, they happen to be either risky or require a significant amount of funds to begin with. The beauty of defensive assets is that they are one of the most stable and risk-adverse type of investments and you can invest for as little as $1,000.
Term deposits are a form of defensive assets that can help you earn interest on your savings and prevent you from chipping into them. A Term deposit is a deposit of your savings that is put away for a certain period of time and earns interest– payable to you upon maturity. So you’ve got a holiday coming up? a wedding to save for? Buying a house? Term deposits could be the answer to help you reach your savings goal faster and ensure your hard-earned money doesn’t get chipped away at.
The best saving strategy is to set goals with time frames. From there, you can decide which type of Term deposit is best suited to your needs.
I’m taking THAT holiday next year!
If you know you want to take that holiday in 12-month time, why not set aside some funds in a 12 months term deposit and reap the rewards in a year? The average 12 month Term deposit pays between 2.5-3% with some paying more. Depending on how much you invest, that could be the difference between staying in an average hotel or a luxury 5-star resort.
With the average Australian wedding costing over $65,000, setting a realistic budget and saving for it should be the first step you take towards your wedding planning. Most engagements range between 12 months to 2 years. You could place your savings in a Term deposit and earn interest while you plan for your dream wedding.
We’re looking at buying our first home!
Dreaming of buying that house you can call home? Even with the current market’s property prices, you can still save if you have a plan in place. Start early and grow your savings in a term deposit while you watch the market and hunt for that dream home. Term Deposits for 3 – 5 years can give you up to 3.05% interest upon maturity. Before you know it, you could have enough deposit for that house that you’ve always had your heart set on.
How do I get started?
Whatever your savings goals, your savings could be working harder for you in a term deposit that suits your needs. Cashwerkz – an online marketplace, have made investing in term deposits a secure and simple process. Cashwerkz lets you choose from a range of term deposits from various banks and institutions all in the one place. What’s more is that you can seamlessly roll over your deposit upon maturity from one provider to the next, with the click of a button on your phone.
Register on the Cashwerkz website to see how much interest your savings could be earning you and get started today!