Spending Less? Should You Consider Investing?

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With most of NSW stuck at home for a while, everyone is spending less on travelling and going out. People are ending up with more from their paycheque than before, or are receiving government disaster payments. What would we be doing with that extra cash? Should we let it sit in our savings accounts, or should we weigh up some investment options to make our money work for us? Our experts have a look at the different options available for you whilst you’re stuck at home, so while you are spending less, you’re aware of investing.

High Interest Savings Accounts

If you’re spending less and investing, it’s worth considering switching to a high-interest savings account. This allows your money to earn money in a low-risk environment. Westpac currently has the best interest in the market, with it offering a 3% Westpac Life interest account up to $30,000. If you were to move $20,000 into a Westpac Life account, at this 3% interest rate you would receive $600 over the course of a year.


Microinvesting is becoming an increasingly popular investment option for those looking to get involved in investing in a hands-off manner. As a set and forget option, platforms like Raiz and Spaceship are easy portfolio investments that you can check up on using smartphone apps. For more information on Microinvesting, click here. Below is the return of both the Raiz and Spaceship portfolios:

Raiz Portfolio Returns FY 2019-20

As always with investing, nothing is certain and you need to factor in risk to your decision making. If you want to look into this further, speaking to a qualified financial planner is vital.

General Investing

There is a range of more high profile investment options available, such as specific company stock, exchange-traded funds (ETF) and more. When you are looking to invest, it is worth looking at the risk profile of the industry, and the internal and external factors affecting the stock. Is it in a volatile industry? Is the company well equipped to grow? Understanding and balancing risk with your investments is key to successful investing

Investing can be a lucrative financial move, but it also involves risk. Speaking to an expert in this field is key to ensuring that your investments are balanced and are made with all market conditions taken into account. If you’re looking to get started, get in touch with one of our award-winning financial planners here.