Small, regular savings quickly add up

Small, regular savings quickly add up

Putting aside small amounts of money into a savings account quickly adds up, Fidelity International has claimed.

The group calculated that saving A?50 a month into a fund with 6% annual growth could add up to over A?7,500 in ten years, and nearly A?38,000 after 30 years.

“A monthly investment plan can be a good way to maintain a long-term investment strategy and is a useful way of being disciplined about saving for the future,” said Rob Fisher, Fidelity’s head of UK personal investments.

Fidelity also said that ISA investors should make sure to invest early in the tax year rather than leaving investments until the last minute.

By investing at the end of April every year rather than waiting until the end of March in the next year, ISA investors could earn up to A?7,000 more over 15 years, Fidelity calculated.

“Investing earlier rather than later in the tax year simply gives your money more time to grow in the market over the long run,” Fisher said.

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