- May 11, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Advice for Savings Goal
Hey team, I (22M) need some advice on how I should go about with my savings goal. I am a year and a half into my first job out of university, and plan on heading overseas for the foreseeable future at the start(ish) of 2026. I aim to have 30-40k by the time I leave, and currently have around 15k in savings dedicated for this, with a goal of getting to 25k by the end of this year. These savings are currently sitting in a reasonably poor performing high interest savings account as I had to dip into it at the start of this year.
I understand a Term Deposit is probably smarter than low-risk investments into ETF’s, however would I be better off waiting until I have the 25k and putting that into a year-long term deposit, or put what I have now into a 6-month Term Deposit and do it all again at the start of the next year? Any advice or other options anyone could think of would be appreciated!
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The longer it’s invested the better. You can have more than one term deposit. Put what you can afford to lock away in a TD now
Term deposits are indeed better in your case.
I would just put your current savings in a short term TD and once you hit your 25k, just roll over into another short term deposit.
Myself and my children have used Heartland bank for decades as our main ‘term deposit’ choice. We see it as a safe, local with decent rates.
There are some good 6-9 month term rates available at the moment, 6.1% on offer as the market figures out whats happening. They will give you some returns without a lot of risk as a lot of the main banks are rated A to AA-
PIE TDs if you are earning, more tax efficient. Check on interest.co.nz.