Many of our customers want to set up a regular investment plan to grow their savings.
Here’s Moneycube’s guide to understanding the options, figuring out what’s right for you, and putting your plans into action.
Beyond the bank
There are lots of ways to invest your money in Ireland if you’re looking beyond cash savings in the bank.
But not all are suitable for the regular saver.
For example, investing directly into shares using a stockbroker is not likely to work for you, due to the high costs of each monthly transaction.
Similarly, investing in property is unlikely to be right, because of the need for a large lump sum to get started.
That’s why many regular savers choose investment funds. You can get started quickly, save a fixed amount, and no transaction fees are charged as you top up each month.
Getting started with a lump sum is optional, and will boost your investment even further.
What’s right for you?
There are two sides to this question: how much risk you’re prepared to take, and what you want the money for.
Risk and reward
In the world of investing, risk and reward are connected. To open the possibility of higher long-term returns, you’ll want to expose your money to some higher risk-reward assets, such as company shares.
There’s no shortage of online tools to help think about your risk appetite (here’s one, and here’s another, for example). They’re helpful, but you’ll want to come back to an investment service like Moneycube to put your plans into action (and our risk profiling tool ain’t bad either!)
What’s it for?
It pays to think as clearly as you can about your eventual plans for your savings. For example, if you can afford to leave the money until you’re 60, there is a major tax advantage to saving via a pension product.
On the other hand, if you’ll want to access the money within a few years, you will be best off choosing an investment that blends exposure to company shares with other, less volatile investments such as government bonds.
The right multi-asset fund will achieve this for you in one go.
If you’re ready to put a regular investment plan in place, use our Picture your money tool to visualise your investment.
Within a couple of clicks you can evaluate your risk appetite, set out your plans, and send us the information we need to make an investment recommendation to you.
Get started with Moneycube today.