Now that you have decided to save, you could be feeling a little confused about which saving products to choose, given the wide array of choices out there. But don’t feel flustered – Nedbank has a range of savings and investment products to suit everyone’s needs. The onus is on you as an investor to know your specific goals for saving. In other words, you need to know why you wish to save in the first place. Only then can you find the most appropriate products to suit your aspirations.

Starting out in life – what goal to have?

Our goals evolve as we go through life, but they act as a roadmap for the entire investment journey, helping us to stay on track. If you’re at the beginning of your career, perhaps only in your first or second job, your most important goal could be buying a car to make travelling easier. Or you could be ready to start saving for a deposit to buy your first property.

Another key stage of your life to consider is retirement – but you should start planning for it in your 20s

This is also a fantastic stage in your life to start exploring the world, so travel could be a huge motivating factor to start saving. Because these goals are short-term, you will need to save in products that will give you back your money in the not-so-distant future.

Nedbank has products that effectively cater for short-term goals. Notable among them are JustInvest, MyPocket and the Electronic 32Day Notice account. All these products offer competitive interest on invested money. These products are also useful for setting up an emergency fund, as the money is easy to access.

Settling into your career and life – intermediate goals

As you grow older, change jobs and start a family, your goals may change. As a parent, you will no doubt wish to offer your children the best education possible. Given the ever-rising cost of school fees, it’s important not only to save vigorously, but also to be mindful of the returns on any investment vehicle you choose.

For other investors, this could also be a stage to consider buying a bigger house for your family. Saving products that are short- to medium-term come in handy. These are saving instruments that can keep your money invested for 2 to 5 years – sometimes more, if you choose to stay invested. Some of the Nedbank products to consider include JustInvest, Electronic 32Day Notice, Fixed Deposit, Optimum Plus, Easy Access Deposit and Prime Select accounts. Talk to your banker, visit a branch, or call 0860 555 111 to find out more about these exceptional accounts and the terms and conditions of each.

Planning for the golden years – long-term goals

Another key stage of your life to consider is retirement – but you should start planning for it in your 20s, right at the start of your career. Saving for your golden years so you can maintain your lifestyle and lead a financially stress-free life in retirement is critical. A financial adviser can help you determine the amount of money you will need to retire comfortably.

The reason you need to start saving for retirement early in life is to give your money enough time to grow. Retirement savings are long-term. The longer and more you save, the better off you’ll be after retirement. Nedbank offers a fixed deposit account, retirement annuity, tax-free investments and endowments – all of these products help you pay less tax from your retirement savings, so you get more money out.