Financial resources are necessary for us to purchase or do most of the things we want in life.
When saving for a home deposit, it is wise to have saved at least 20% of the purchase price as this leads to a lower mortgage and more cost savings to be made on mortgage insurance.
After researching the sort of property that a person wants to buy and knowing the purchase price they can afford, a person can calculate the deposit required and start saving. For those who are eligible, use of a First Home Saver Account can be a great way to maximise savings.
When saving for a holiday, an individual needs to know the costs associated with travelling to their chosen destination and divide this total by the number of months until travelling. To ensure that holiday savings are built up and not dipped into, it can be sensible to open an online saver account with a different bank than the one typically used and organise for automatic transfers each payday.
For those keen to invest, investment in a managed fund or diversified share portfolio can be more straightforward than first thought. A person needs to know the funds they have available for investment after their living expenses have been covered and then undertake their own research or seek the professional advice of an advisor, recommended Super Woman Money.
