Dismal savings rates make it more important to start putting money away for a raining day even sooner.
Putting off saving in favour of spending either increases the amount that you will have to save to make up the losses – or pushes out the date at which you will reach your goal, says Shaun Duddy, senior manager in the product development team at“It is true that you receive better value for money if you invest after the market has fallen rather than at its peak. However, this does not mean that you should put off saving if you are unsure what the market is going to do next.
“This is because even money that has decreased in value is a better contribution to a long-term objective than money that has been spent on short-term gratification.” The red line on the graph illustrates that when your timeframe is five years, an 18-month delay results in more than a 50% increase in the amount required per month of saving, said Duddy.Recent data from accounting firmshowed that it currently sits at 0.5%.
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