How do you save your money?
Here are some interesting statistics for you to mull over.
| Savings Snapshot | |||
|---|---|---|---|
| Number of Australians who consider a jam jar under a bed a favoured (five year) savings option |
8% | ||
| Those who prefer a ‘regular bank account’ | 28% | ||
| Those who prefer a ‘high interest bank account’ | 44% | ||
| Those who consider ‘shares’ as a favoured option | 6% | ||
| Those who consider ‘managed funds’ a favoured option | 9% | ||
| Savings versus Debt | |||
|---|---|---|---|
| Those with more debt than savings | 37% | ||
| Those with more than savings than debt | 37% | ||
| Those with equal savings and debt | 22% | ||
| Source: AFSA | |||
The way people save comes down to what they know, their attitude to investment risk, the experiences they have had and importantly, what they are saving for?
How do you save your money?
What are you saving for?
Where do you have your savings?
Why are you saving the way that you do?
Are you getting the best results from your savings?
Please don’t think that I’m suggesting there is a ‘one size fits all’ answer to saving money. Rather, my intention is about providing you with something to think about.
Here is a question I’d like to leave with you until the next newsletter. If you had put $1,000 in a jam jar under your bed 10 years ago, would you have lost money?
John Symond
Financial Services
Aussie Home Loans Pty. Ltd.
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