2020, the year of the pandemic…. But also it seems, it was the year of savings. It is estimated Irish people saved an extra €25.5 BILLION etc in 2020, with record levels of saving. But all of this has taken place amongst a backdrop of banking charges rising and savings interest rates falling. So What do you do!?
A Savings Plan is an investment product that allows you to save from a little as €75 per month, with the prospect of seeing good growth in your savings. These plans are run by some of the country’s leading institutions (Zurich, Aviva, Irish Life) and see your monthly amounts invested into their investment funds where they have the opportunity to grow, especially in the medium to long term. If you already have some savings built up, you can start with a lump sum… or just move it across with bigger monthly direct debits to start (this would be our recommendation as it better manages risk and increases your potential for returns).
These plans are easy to set up and give you great flexibility to change the mounts you save each month, withdraw your money or move from one investment area to another. One of the keys to investing is to reduce the risk you take with your money, and one of the key means by which to do so is diversification….. spreading your money around so your all your eggs aren’t in one basket. Not only do each of these funds offer diversification themselves, but you can also spread your plan across a number of different funds too (again something we would recommend).
If you’d like to start a Savings Plan, or find out a little bit more, drop us a line and we can take you through things in more detail and answer any questions you might have. info@lynxgroup.ie
