Fin. Lit. Month Series: Smart Saving & Investing

Smart Saving and Investing

There are many hurdles to reaching your financial goals in life but smart saving and investing doesn’t have to be one of them. Read the article below to learn the basics of investing and how to get started.

Start Early and Be Consistent

The key to smart saving and investing is to make sure that your money has time to grow. To reach your financial goals compound interest is your best friend. To get the full benefit of compound interest you need to have your money invested for a substantial amount of time.

If you haven’t started yet, don’t feel discouraged its never too late to start investing for your future!

Along with starting early, it is important to be consistent. You will not see the type of returns you want if you only invest occasionally. Setting up auto-payments or systematic investment plans (SIPs) are a great way to make sure that you consistently working toward your goals.

Goals, Risk Tolerance & Research

When starting out your smart saving and investing journey, you must first create a plan.

  • What are you saving for? What is the end goal?
  • How much money do you have to fund the investments?
  • What is your threshold for risk? How much loss can you sustain?

After you create your plan, do your research. Learn the basics of investments and stay up to date on financial news.

Be Diverse and Keep Track

To help lower your risk, it is important to have a diverse portfolio. If the market is unstable, having your money in a diverse set of investments can help lower risk and potential losses.

Once your investments are diversified, keep track of how they are doing. This allows you to adjust your strategy and better achieve your goals.

Should you have a Financial Advisor?

If this all seems like a bit much to handle, seek the help of a professional. They can provide you insight and guidance based on an understanding of your unique situation. Just so you know, as a member as South Metro FCU you can get a complimentary, no obligation financial review utilizing financial planning software, available through CFS*.

Finally, reach out to Kristin Chim (Certified Fund Specialist Financial Advisor) at our Prior Lake branch or 952-445-0888, ext 719

Check out these quizzes and worksheet below to get started on your investment journey!

Investment Calculator

Learn how your return is impacted by increasing your investment. This calculator shows you how altering your investment by two or three percent in a few years makes a big difference to your overall investment:

Create SMART Savings Goals

Check out this fillable worksheet from the Consumer Financial Protection Bureau to figure out your goals so you can actually achieve them.

Quiz your investment knowledge in these quizzes

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principle. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Related Posts

Fin. Lit. Month Series: Credit Building & Repair

Fin. Lit. Month Series: Credit Building & Repair

To start out our Financial Literacy Month two part blog series we have for you: Credit Building & Repair. In this article we'll give you the basics for starting your credit building and repair journey. We will cover dos and don'ts and provide resources to help you...

The “Do Me a Favor” Scam

The “Do Me a Favor” Scam

Do me a favor? We all know, especially as Minnesotans, that it can be pretty easy to pull at our heart strings. It can seem like such a simple request sometimes but we need to be diligent. There are a lot of scammers out there ready to pull those strings to get what...

Create Financial Habits, Not Resolutions

Create Financial Habits, Not Resolutions

This year, create financial habits NOT resolutions In the new year, it is common to see people creating their "New Year's Resolutions" list. For many, this includes some sort of financial resolution and it typically doesn't last.  If you are someone that typically...

Teach Kids About Money this Halloween

Teach Kids About Money this Halloween

You might not have thought of it, but Halloween is a great time to teach kids about money. Halloween itself is the epitome of fun: candy, decorations, dressing, up and of course more candy. Most would agree that children quite enjoy the tradition of receiving and...

Get there. Start here.

Find South Metro on FacebookFollow South Metro on TwitterCheck Out South Metro's Instagram feed

Routing #: 091981646  |  NMLS ID # 1059389

We at South Metro Federal Credit Union are committed to the digital inclusion and providing a website that is accessible to the widest possible audience in accordance with certain standards and guidelines. We are striving consistently to conform to WCAG 2.0 Level AA of accessibility. If you run into any barriers, please reach out to us at 952-445-0888 or

Equal Housing Lender    NCUA Insurance     Excess Share Insurance

Copyright ©2023. All rights reserved. South Metro Federal Credit Union.   SEND US A SECURE EMAIL